Avantax Advisory Services Inc. Lowers Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Avantax Advisory Services Inc. sold 16.1% of its shares in Cadence Design Systems, reducing its holdings to 10,376 shares valued at approximately $2.64 million.
• Institutional investors own 84.85% of Cadence Design Systems' stock, with various firms increasing their stakes during the first quarter.
• Cadence Design Systems reported a quarterly earnings of $1.65 EPS, exceeding analysts' expectations, with revenue up 20.2% year-over-year, reaching $1.28 billion.

Avantax Advisory Services Inc. lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 16.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 10,376 shares of the software maker's stock after selling 1,998 shares during the period. Avantax Advisory Services Inc.'s holdings in Cadence Design Systems were worth $2,639,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. GAMMA Investing LLC increased its position in Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after buying an additional 1,214,330 shares during the last quarter. Jennison Associates LLC boosted its position in Cadence Design Systems by 13.2% during the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock worth $2,305,489,000 after purchasing an additional 1,054,702 shares during the period. FMR LLC grew its position in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Cadence Design Systems by 25.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock worth $882,655,000 after purchasing an additional 601,834 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Cadence Design Systems by 10.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker's stock valued at $1,326,912,000 after acquiring an additional 427,418 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In related news, Director James D. Plummer sold 868 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director owned 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the transaction, the chief executive officer directly owned 209,548 shares in the company, valued at $64,959,880. This trade represents a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,085 shares of company stock worth $4,652,087. 1.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of analyst reports. Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Mizuho boosted their price target on shares of Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a report on Tuesday. Piper Sandler reissued a "neutral" rating and issued a $355.00 price target (up previously from $328.00) on shares of Cadence Design Systems in a report on Tuesday. The Goldman Sachs Group started coverage on shares of Cadence Design Systems in a research note on Thursday, July 10th. They issued a "buy" rating and a $380.00 target price for the company. Finally, Robert W. Baird upped their target price on shares of Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $359.00.

Cadence Design Systems Trading Up 1.3%

NASDAQ:CDNS traded up $4.77 during mid-day trading on Wednesday, reaching $371.03. 3,882,105 shares of the company's stock traded hands, compared to its average volume of 1,705,671. The company has a 50 day moving average price of $310.57 and a 200-day moving average price of $289.31. The firm has a market capitalization of $101.31 billion, a price-to-earnings ratio of 100.28, a PEG ratio of 5.09 and a beta of 0.99. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.90. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $374.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.09. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. Cadence Design Systems's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the business earned $1.28 EPS. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share 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.