Massachusetts Financial Services Co. MA Sells 388,635 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Massachusetts Financial Services Co. MA decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 7.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,859,517 shares of the software maker's stock after selling 388,635 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.77% of Cadence Design Systems worth $1,235,921,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Cadence Design Systems during the 1st quarter valued at $12,031,000. Baer Investment Advisory LLC raised its holdings in shares of Cadence Design Systems by 12.5% during the 1st quarter. Baer Investment Advisory LLC now owns 9,693 shares of the software maker's stock valued at $2,465,000 after purchasing an additional 1,077 shares in the last quarter. Apollon Wealth Management LLC raised its holdings in shares of Cadence Design Systems by 25.0% during the 1st quarter. Apollon Wealth Management LLC now owns 8,914 shares of the software maker's stock valued at $2,267,000 after purchasing an additional 1,780 shares in the last quarter. Catalyst Financial Partners LLC raised its holdings in shares of Cadence Design Systems by 14.2% during the 1st quarter. Catalyst Financial Partners LLC now owns 1,307 shares of the software maker's stock valued at $332,000 after purchasing an additional 163 shares in the last quarter. Finally, Slow Capital Inc. grew its stake in Cadence Design Systems by 1.5% in the 1st quarter. Slow Capital Inc. now owns 10,379 shares of the software maker's stock valued at $2,640,000 after buying an additional 155 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded up $3.86 during trading on Thursday, reaching $318.44. The company had a trading volume of 537,848 shares, compared to its average volume of 2,035,993. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $330.09. The business's 50 day moving average price is $308.36 and its 200-day moving average price is $287.75. 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 cap of $86.95 billion, a PE ratio of 80.62, a PEG ratio of 4.41 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $1.24 billion. During the same quarter in the prior year, the firm earned $1.17 earnings per share. The business's quarterly revenue was up 23.1% on a year-over-year basis. Analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director directly owned 8,010 shares in the company, valued at $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction of $277,716.60. Following the completion of the sale, the director owned 23,996 shares in the company, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,975 shares of company stock valued at $6,114,587 over the last 90 days. 1.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CDNS. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their target price for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Needham & Company LLC restated a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Bank of America raised their price objective 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. Finally, The Goldman Sachs Group initiated coverage on shares of Cadence Design Systems in a report on Thursday, July 10th. They set a "buy" rating and a $380.00 price objective for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $330.07.

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.