Harbor Capital Advisors Inc. Sells 4,164 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Harbor Capital Advisors Inc. lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 40.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,030 shares of the software maker's stock after selling 4,164 shares during the period. Harbor Capital Advisors Inc.'s holdings in Cadence Design Systems were worth $1,534,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CDNS. Brighton Jones LLC boosted its holdings in shares of Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after buying an additional 676 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in shares of Cadence Design Systems during the 4th quarter worth $9,958,000. Stephens Inc. AR grew its position in shares of Cadence Design Systems by 19.1% during the 4th quarter. Stephens Inc. AR now owns 5,520 shares of the software maker's stock valued at $1,659,000 after acquiring an additional 886 shares during the period. Savant Capital LLC increased its stake in shares of Cadence Design Systems by 7.3% in the 4th quarter. Savant Capital LLC now owns 2,566 shares of the software maker's stock worth $771,000 after purchasing an additional 175 shares in the last quarter. Finally, Portfolio Design Labs LLC bought a new position in Cadence Design Systems in the 4th quarter worth $241,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Shares of CDNS traded down $7.85 during midday trading on Friday, hitting $300.00. 1,188,835 shares of the company traded hands, compared to its average volume of 2,019,299. The stock has a market cap of $81.91 billion, a price-to-earnings ratio of 77.72, a PEG ratio of 3.88 and a beta of 0.99. The firm has a 50 day moving average of $291.22 and a 200-day moving average of $287.43. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99.

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

Insider Activity at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director now owns 8,010 shares in the company, valued at approximately $2,435,040. The trade was a 2.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Scannell sold 4,710 shares of the stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the sale, the vice president now owns 28,442 shares in the company, valued at $8,532,600. The trade was a 14.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,625 shares of company stock valued at $5,670,453 over the last 90 days. 0.37% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have issued reports on CDNS. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. 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. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Piper Sandler increased their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Finally, Oppenheimer decreased their price objective 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

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.