Bridges Investment Management Inc. Sells 22,039 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bridges Investment Management Inc. trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 14.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 131,260 shares of the software maker's stock after selling 22,039 shares during the period. Bridges Investment Management Inc.'s holdings in Cadence Design Systems were worth $33,383,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC lifted its holdings in Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after acquiring an additional 676 shares during the period. Highview Capital Management LLC DE lifted its holdings in 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 valued at $1,894,000 after acquiring an additional 163 shares during the period. Proficio Capital Partners LLC acquired a new stake in Cadence Design Systems in the fourth quarter valued at $431,000. OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the fourth quarter valued at $46,000. Finally, Independent Advisor Alliance lifted its holdings in Cadence Design Systems by 119.7% in the fourth quarter. Independent Advisor Alliance now owns 3,660 shares of the software maker's stock valued at $1,100,000 after acquiring an additional 1,994 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the sale, the director owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total value of $306,350.00. Following the completion of the sale, the vice president directly owned 105,499 shares in the company, valued at approximately $32,319,618.65. This represents a 0.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,975 shares of company stock valued at $6,114,587 over the last 90 days. Corporate insiders own 1.99% of the company's stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research reports. Mizuho lifted their price target on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Rosenblatt Securities lifted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 29th. Robert W. Baird lifted their price target on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Bank of America lifted their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Finally, Oppenheimer cut their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $327.93.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded up $0.21 during trading hours on Thursday, reaching $323.12. The stock had a trading volume of 686,449 shares, compared to its average volume of 2,030,670. The business's fifty day moving average is $307.12 and its two-hundred day moving average is $287.35. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. The company has a market cap of $88.22 billion, a price-to-earnings ratio of 81.79, a PEG ratio of 4.48 and a beta of 0.99. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $330.09.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business's revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.17 earnings per share. As a group, research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.