Assetmark Inc. Sells 3,526 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Assetmark Inc. reduced its stake in Cadence Design Systems by selling 3,526 shares, bringing its total ownership to approximately 185,759 shares, valued at $47.24 million.
• Several institutional investors have recently adjusted their positions in Cadence, including Merit Financial Group, which increased its holdings by 42.6% in the first quarter.
• Analysts are generally optimistic about Cadence, with the average target price set at $332.57 and most ratings leaning towards a "buy" status.

Assetmark Inc. reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1.9% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 185,759 shares of the software maker's stock after selling 3,526 shares during the quarter. Assetmark Inc. owned 0.07% of Cadence Design Systems worth $47,244,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC grew its stake in shares of Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after acquiring an additional 676 shares during the period. Highview Capital Management LLC DE grew its stake in shares of Cadence Design Systems by 2.7% in the fourth quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock worth $1,894,000 after acquiring an additional 163 shares during the period. Congress Wealth Management LLC DE grew its stake in shares of Cadence Design Systems by 101.2% in the fourth quarter. Congress Wealth Management LLC DE now owns 4,888 shares of the software maker's stock worth $1,469,000 after acquiring an additional 2,458 shares during the period. TIAA Trust National Association grew its stake in shares of Cadence Design Systems by 8.4% in the fourth quarter. TIAA Trust National Association now owns 2,396 shares of the software maker's stock worth $720,000 after acquiring an additional 185 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Cadence Design Systems by 4.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 600,736 shares of the software maker's stock worth $182,540,000 after acquiring an additional 25,008 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

CDNS traded up $1.56 during trading hours on Wednesday, hitting $367.82. The company's stock had a trading volume of 1,144,450 shares, compared to its average volume of 2,072,014. The business's 50-day moving average price is $310.57 and its 200-day moving average price is $289.31. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $373.27. The stock has a market cap of $100.43 billion, a price-to-earnings ratio of 99.19, a P/E/G ratio of 4.64 and a beta of 0.99. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 30.18%. The company had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.25 billion. During the same quarter in the previous year, the business posted $1.28 earnings per share. Cadence Design Systems's quarterly revenue was up 20.2% on a year-over-year basis. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total transaction of $306,350.00. Following the transaction, the vice president owned 105,499 shares in the company, valued at $32,319,618.65. The trade was a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James D. Plummer sold 868 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the transaction, the director owned 23,996 shares in the company, valued at $7,677,520.20. This trade represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,085 shares of company stock worth $4,652,087. Company insiders own 0.37% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a report on Monday. Bank of America raised their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Loop Capital raised their price objective on shares of Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a report on Tuesday. Rosenblatt Securities reaffirmed a "neutral" rating and set a $300.00 price target on shares of Cadence Design Systems in a report on Friday, July 25th. Finally, KeyCorp lifted their price target on shares of Cadence Design Systems from $358.00 to $405.00 and gave the company an "overweight" rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $359.00.

Cadence Design Systems Company Profile

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.