Annis Gardner Whiting Capital Advisors LLC Sells 957 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Annis Gardner Whiting Capital Advisors LLC trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 75.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 317 shares of the software maker's stock after selling 957 shares during the period. Annis Gardner Whiting Capital Advisors LLC's holdings in Cadence Design Systems were worth $81,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Ithaka Group LLC boosted its holdings in shares of Cadence Design Systems by 2.3% in the first quarter. Ithaka Group LLC now owns 28,346 shares of the software maker's stock worth $7,209,000 after acquiring an additional 639 shares during the period. Empower Advisory Group LLC boosted its holdings in shares of Cadence Design Systems by 4.1% in the first quarter. Empower Advisory Group LLC now owns 911 shares of the software maker's stock worth $232,000 after acquiring an additional 36 shares during the period. Costello Asset Management INC bought a new position in shares of Cadence Design Systems in the first quarter worth $25,000. Thoroughbred Financial Services LLC boosted its holdings in shares of Cadence Design Systems by 6.9% in the first quarter. Thoroughbred Financial Services LLC now owns 1,604 shares of the software maker's stock worth $407,000 after acquiring an additional 104 shares during the period. Finally, Geneva Capital Management LLC boosted its holdings in shares of Cadence Design Systems by 14.1% in the first quarter. Geneva Capital Management LLC now owns 96,277 shares of the software maker's stock worth $24,486,000 after acquiring an additional 11,910 shares during the period. 84.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CDNS shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $390.00 price target (up from $325.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. KeyCorp raised their price target on Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Robert W. Baird raised their price target on Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Wells Fargo & Company increased their price objective on Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Finally, The Goldman Sachs Group initiated coverage on Cadence Design Systems in a research report on Thursday, July 10th. They issued a "buy" rating and a $380.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $364.33.

Cadence Design Systems Trading Down 1.2%

NASDAQ CDNS opened at $360.50 on Wednesday. The stock's 50-day simple moving average is $315.17 and its two-hundred day simple moving average is $291.58. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $98.23 billion, a price-to-earnings ratio of 97.43, a PEG ratio of 4.79 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the business posted $1.28 earnings per share. The company's revenue for the quarter was up 20.2% on a year-over-year basis. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director owned 23,996 shares in the company, valued at $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $358.72, for a total value of $358,720.00. Following the completion of the transaction, the vice president owned 104,499 shares in the company, valued at approximately $37,485,881.28. This represents a 0.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,698 shares of company stock worth $1,485,387 over the last 90 days. Corporate insiders own 0.37% of the company's stock.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.

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