Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 83,433 shares of the software maker's stock after selling 5,475 shares during the period. Janney Montgomery Scott LLC's holdings in Cadence Design Systems were worth $21,220,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Exchange Traded Concepts LLC increased its position in shares of Cadence Design Systems by 45.6% during the first quarter. Exchange Traded Concepts LLC now owns 70,891 shares of the software maker's stock worth $18,030,000 after purchasing an additional 22,204 shares in the last quarter. Factory Mutual Insurance Co. grew its holdings in shares of Cadence Design Systems by 18.7% during the first quarter. Factory Mutual Insurance Co. now owns 208,971 shares of the software maker's stock worth $53,148,000 after buying an additional 32,900 shares in the last quarter. Dynamic Advisor Solutions LLC raised its position in shares of Cadence Design Systems by 9.5% in the first quarter. Dynamic Advisor Solutions LLC now owns 3,613 shares of the software maker's stock valued at $919,000 after buying an additional 313 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Cadence Design Systems in the first quarter worth about $78,000. Finally, BNC Wealth Management LLC boosted its position in Cadence Design Systems by 0.8% during the first quarter. BNC Wealth Management LLC now owns 23,105 shares of the software maker's stock worth $5,876,000 after acquiring an additional 174 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent research reports. Wells Fargo & Company increased their price objective 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. Piper Sandler lifted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Mizuho lifted their price target on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, Robert W. Baird upped their price objective 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. One equities research 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's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Trading Down 0.7%

CDNS stock traded down $2.16 during mid-day trading on Thursday, hitting $296.84. 1,220,973 shares of the company were exchanged, compared to its average volume of 2,012,936. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The firm has a market capitalization of $81.05 billion, a P/E ratio of 75.15, a PEG ratio of 4.14 and a beta of 0.98. The business has a fifty day simple moving average of $295.30 and a 200-day simple moving average of $287.23. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data 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 22.18% and a return on equity of 29.36%. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter last year, the company posted $1.17 EPS. The firm's quarterly revenue was up 23.1% on a year-over-year basis. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer now directly owns 209,548 shares of the company's stock, valued at $64,959,880. The trade was a 4.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the sale, the director now directly owns 7,411 shares in the company, valued at $2,038,025. This represents a 2.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,625 shares of company stock worth $5,972,453. 1.99% of the stock is currently owned by company insiders.

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.