Segall Bryant & Hamill LLC Sells 8,269 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Segall Bryant & Hamill LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 8.5% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 89,423 shares of the software maker's stock after selling 8,269 shares during the quarter. Segall Bryant & Hamill LLC's holdings in Cadence Design Systems were worth $22,743,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at about $1,170,209,000. GAMMA Investing LLC raised its stake in shares of Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock valued at $309,835,000 after purchasing an additional 1,214,330 shares in the last quarter. Schroder Investment Management Group raised its stake in shares of Cadence Design Systems by 53.1% during the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after purchasing an additional 716,041 shares in the last quarter. FMR LLC raised its stake in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after purchasing an additional 632,175 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded down $5.29 during trading hours on Friday, reaching $315.57. The stock had a trading volume of 1,390,857 shares, compared to its average volume of 2,021,785. The business's fifty day moving average is $308.81 and its two-hundred day moving average is $287.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. The company has a market cap of $86.16 billion, a price-to-earnings ratio of 79.89, a PEG ratio of 4.46 and a beta of 0.99. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $330.09.

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, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business's revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.17 earnings per share. As a group, research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on CDNS shares. Wells Fargo & Company lifted their target price on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Loop Capital lifted their price target on Cadence Design Systems from $340.00 to $370.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Bank of America lifted their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Finally, The Goldman Sachs Group initiated coverage on Cadence Design Systems in a research note on Thursday, July 10th. They set a "buy" rating and a $380.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $330.07.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of the stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the transaction, the vice president owned 28,442 shares of the company's stock, valued at approximately $8,532,600. This represents a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The shares were 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 directly owned 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their position. 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 ninety days. Company insiders own 1.99% of the company's stock.

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.