Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Brown Advisory Inc.

Brown Advisory Inc. decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 14.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,553,492 shares of the software maker's stock after selling 429,385 shares during the period. Cadence Design Systems comprises approximately 0.9% of Brown Advisory Inc.'s holdings, making the stock its 28th biggest holding. Brown Advisory Inc. owned about 0.93% of Cadence Design Systems worth $649,430,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC acquired a new stake in Cadence Design Systems in the first quarter valued at $25,000. Valley National Advisers Inc. raised its stake in shares of Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after purchasing an additional 99 shares in the last quarter. Ancora Advisors LLC lifted its position in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co acquired a new position in Cadence Design Systems in the fourth quarter worth about $39,000. Finally, OFI Invest Asset Management acquired a new position in Cadence Design Systems in the fourth quarter worth about $46,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Buying and Selling

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the sale, the director directly owned 23,996 shares in the company, valued at $7,677,520.20. This 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, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the transaction, the chief executive officer owned 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,975 shares of company stock worth $6,114,587. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

CDNS traded down $2.06 during trading hours on Friday, hitting $320.60. The company's stock had a trading volume of 1,201,465 shares, compared to its average volume of 2,036,282. The company has a 50-day simple moving average of $307.83 and a 200 day simple moving average of $287.56. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $87.54 billion, a PE ratio of 81.16, a PEG ratio of 4.47 and a beta of 0.99. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $330.09.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CDNS. Mizuho boosted their price target on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Bank of America increased their target price 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. Oppenheimer reduced their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Finally, The Goldman Sachs Group assumed coverage on shares of Cadence Design Systems in a report on Thursday. They issued a "buy" rating and a $380.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $327.93.

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.