Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 88.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 29,403 shares of the software maker's stock after selling 232,718 shares during the period. Los Angeles Capital Management LLC's holdings in Cadence Design Systems were worth $7,478,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Park Square Financial Group LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at approximately $348,000. Merit Financial Group LLC boosted its position in Cadence Design Systems by 42.6% in the 1st quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker's stock valued at $805,000 after buying an additional 946 shares during the period. Novem Group boosted its position in Cadence Design Systems by 30.3% in the 1st quarter. Novem Group now owns 4,067 shares of the software maker's stock valued at $1,034,000 after buying an additional 945 shares during the period. Seilern Investment Management Ltd purchased a new position in Cadence Design Systems in the 1st quarter valued at approximately $64,800,000. Finally, Integrated Advisors Network LLC boosted its position in Cadence Design Systems by 156.9% in the 4th quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker's stock valued at $1,023,000 after buying an additional 2,080 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Insiders Place Their Bets

In other news, Director James D. Plummer sold 868 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the transaction, the director directly owned 23,996 shares in the company, valued at $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Scannell sold 4,710 shares of the business's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the transaction, the vice president owned 28,442 shares in the company, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,975 shares of company stock valued at $6,114,587. 0.37% of the stock is owned by insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $316.32 on Tuesday. The company has a 50-day simple moving average of $308.81 and a 200-day simple moving average of $287.83. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $330.09. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The stock has a market capitalization of $86.37 billion, a price-to-earnings ratio of 80.08, a PEG ratio of 4.38 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its 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 net margin of 22.18% and a return on equity of 29.36%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the prior year, the company earned $1.17 earnings per share. The business's revenue was up 23.1% compared to the same quarter last year. On average, analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

CDNS has been the subject of several recent analyst reports. KeyCorp reaffirmed an "overweight" rating and set a $358.00 price objective (up from $340.00) on shares of Cadence Design Systems in a research report on Thursday, July 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Robert W. Baird lifted their price objective 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. Wall Street Zen cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Sunday. Finally, Bank of America lifted their price objective 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $330.07.

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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