Focus Partners Advisor Solutions LLC Trims Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Focus Partners Advisor Solutions LLC cut its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 54.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,759 shares of the software maker's stock after selling 2,077 shares during the period. Focus Partners Advisor Solutions LLC's holdings in Cadence Design Systems were worth $529,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Avior Wealth Management LLC raised its holdings in Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after buying an additional 36 shares during the last quarter. Accredited Investors Inc. raised its holdings in Cadence Design Systems by 1.7% in the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after buying an additional 36 shares during the last quarter. Principal Street Partners LLC raised its holdings in shares of Cadence Design Systems by 2.6% during the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock valued at $437,000 after purchasing an additional 37 shares during the last quarter. Lindbrook Capital LLC raised its holdings in shares of Cadence Design Systems by 1.7% during the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock valued at $670,000 after purchasing an additional 38 shares during the last quarter. Finally, Oarsman Capital Inc. raised its holdings in shares of Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after purchasing an additional 38 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer now owns 209,548 shares of the company's stock, valued at $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. The trade was a 0.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,445 shares of company stock worth $5,594,127. 1.99% of the stock is owned by insiders.

Analysts Set New Price Targets

CDNS has been the subject of several research reports. Loop Capital decreased their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Oppenheimer reduced their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Tuesday, May 13th. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Finally, Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $3.36 during midday trading on Thursday, reaching $291.97. 2,327,208 shares of the company were exchanged, compared to its average volume of 2,003,035. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The business's fifty day moving average is $282.17 and its two-hundred day moving average is $287.85. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The stock has a market cap of $79.72 billion, a PE ratio of 75.41, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the business earned $1.17 earnings per share. Cadence Design Systems's revenue for the quarter was up 23.1% on a year-over-year basis. As a group, analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.