Blair William & Co. IL Reduces Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Blair William & Co. IL has reduced its stake in Cadence Design Systems by 22.7%, now owning 4,006 shares valued at approximately $1,019,000.
• Cadence Design Systems reported earnings of $1.65 per share in the last quarter, exceeding expectations and showing a 20.2% year-over-year revenue increase to $1.28 billion.
• Institutional investors and hedge funds hold 84.85% of Cadence Design Systems' stock, indicating strong institutional interest in the company.

Blair William & Co. IL cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 22.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,006 shares of the software maker's stock after selling 1,175 shares during the period. Blair William & Co. IL's holdings in Cadence Design Systems were worth $1,019,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CDNS. Brighton Jones LLC increased its stake in shares of Cadence Design Systems by 80.2% during the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after purchasing an additional 676 shares during the last quarter. Highview Capital Management LLC DE increased its stake in shares of Cadence Design Systems by 2.7% during the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock worth $1,894,000 after purchasing an additional 163 shares during the last quarter. Cerity Partners LLC increased its stake in shares of Cadence Design Systems by 10.3% during the 4th quarter. Cerity Partners LLC now owns 16,798 shares of the software maker's stock worth $4,815,000 after purchasing an additional 1,573 shares during the last quarter. Scotia Capital Inc. grew its stake in Cadence Design Systems by 196.3% in the 4th quarter. Scotia Capital Inc. now owns 6,755 shares of the software maker's stock valued at $2,030,000 after buying an additional 4,475 shares during the last quarter. Finally, Sterling Capital Management LLC grew its stake in Cadence Design Systems by 1.3% in the 4th quarter. Sterling Capital Management LLC now owns 17,778 shares of the software maker's stock valued at $5,342,000 after buying an additional 230 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on CDNS. Robert W. Baird raised their target price on shares of Cadence Design Systems from $340.00 to $380.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Mizuho increased 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, July 29th. Bank of America increased their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Wall Street Zen downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Finally, The Goldman Sachs Group started coverage on shares of Cadence Design Systems in a report on Thursday, July 10th. They issued a "buy" rating and a $380.00 price target for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $364.33.

Cadence Design Systems Trading Down 1.3%

Shares of NASDAQ:CDNS traded down $4.49 on Wednesday, hitting $349.12. The company had a trading volume of 1,194,727 shares, compared to its average volume of 2,061,464. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $95.13 billion, a price-to-earnings ratio of 94.36, a P/E/G ratio of 4.58 and a beta of 0.97. The firm's 50-day simple moving average is $321.68 and its two-hundred day simple moving average is $292.87. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 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 the consensus estimate of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. Cadence Design Systems's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the company earned $1.28 EPS. Equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 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 transaction of $277,716.60. Following the sale, the director directly owned 23,996 shares of the company's stock, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $358.72, for a total value of $358,720.00. Following the sale, the vice president owned 104,499 shares in the company, valued at $37,485,881.28. The trade was a 0.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,698 shares of company stock worth $1,485,387 in the last three months. 0.37% of the stock is owned by company insiders.

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.