Cambridge Investment Research Advisors Inc. Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cambridge Investment Research Advisors Inc. cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,020 shares of the software maker's stock after selling 3,532 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Cadence Design Systems were worth $5,855,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ancora Advisors LLC raised its position in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares in the last quarter. Avalon Trust Co bought a new position in Cadence Design Systems in the 4th quarter worth about $39,000. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $46,000. Synergy Investment Management LLC purchased a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $50,000. Finally, Intact Investment Management Inc. bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $60,000. 84.85% of the stock is currently owned by institutional investors.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Scannell sold 4,710 shares of the firm's stock in a transaction that occurred 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 transaction, the vice president directly owned 28,442 shares of the company's stock, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,625 shares of company stock worth $5,972,453 over the last 90 days. 0.37% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently weighed in on CDNS. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. Bank of America increased their price target 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. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company raised their price target on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Trading Up 1.0%

CDNS stock traded up $2.95 during midday trading on Monday, hitting $308.15. The company had a trading volume of 1,743,149 shares, compared to its average volume of 2,022,294. The stock has a market cap of $84.14 billion, a price-to-earnings ratio of 78.01, a PEG ratio of 4.23 and a beta of 0.99. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $326.19. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The stock's 50 day moving average price is $301.86 and its 200 day moving average price is $286.36.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted 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. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The firm's revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.17 EPS. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.