Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Reduced by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,994 shares of the software maker's stock after selling 1,509 shares during the quarter. Penobscot Investment Management Company Inc.'s holdings in Cadence Design Systems were worth $2,542,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Ancora Advisors LLC lifted its stake in Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after buying an additional 112 shares in the last quarter. Avalon Trust Co purchased a new stake in Cadence Design Systems during the fourth quarter valued at about $39,000. OFI Invest Asset Management purchased a new stake in Cadence Design Systems during the fourth quarter valued at about $46,000. Synergy Investment Management LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $50,000. Finally, HWG Holdings LP purchased a new stake in shares of Cadence Design Systems in the first quarter worth approximately $54,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of research analyst reports. Oppenheimer reduced their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Bank of America increased their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Finally, Robert W. Baird increased their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

Cadence Design Systems Trading Up 0.2%

NASDAQ:CDNS opened at $297.53 on Thursday. The stock's 50 day moving average price is $298.96 and its 200 day moving average price is $286.68. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $326.19. The company has a market capitalization of $81.24 billion, a P/E ratio of 75.32, a P/E/G ratio of 4.11 and a beta of 0.98. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the company posted $1.17 earnings per share. The firm's revenue was up 23.1% on a year-over-year basis. On average, 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 news, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now owns 7,411 shares in the company, valued at approximately $2,038,025. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the sale, the vice president now 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. Insiders have sold a total of 19,625 shares of company stock worth $5,972,453 over the last 90 days. Insiders own 1.99% of the company's stock.

Cadence Design Systems 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.

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