Central Pacific Bank Trust Division Has $503,000 Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Central Pacific Bank Trust Division decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 55.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,979 shares of the software maker's stock after selling 2,493 shares during the quarter. Central Pacific Bank Trust Division's holdings in Cadence Design Systems were worth $503,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at $28,000. Ancora Advisors LLC raised its holdings in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co acquired a new position in Cadence Design Systems during the 4th quarter valued at about $39,000. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems in the 4th quarter valued at about $46,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $50,000. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director James D. Plummer sold 868 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director now directly owns 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 value of $49,500.00. Following the transaction, the director now owns 7,411 shares of the company's stock, valued at approximately $2,038,025. This trade represents a 2.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,795 shares of company stock worth $5,429,853 over the last quarter. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Trading Up 0.1%

Shares of Cadence Design Systems stock traded up $0.40 during trading hours on Wednesday, hitting $293.73. The company's stock had a trading volume of 502,755 shares, compared to its average volume of 2,012,092. The company has a market capitalization of $80.20 billion, a PE ratio of 76.10, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock has a 50 day moving average of $284.03 and a 200 day moving average of $287.47. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Cadence Design Systems's quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.17 EPS. Analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CDNS. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Bank of America upped their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. KeyCorp raised their price target on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Mizuho upped their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Finally, Oppenheimer cut their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average target price of $325.23.

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.