Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 55.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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.

Several other institutional investors also recently bought and sold shares of CDNS. Norges Bank bought a new position in shares of Cadence Design Systems in the 4th quarter valued at about $1,170,209,000. Schroder Investment Management Group lifted its stake in Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after purchasing an additional 716,041 shares during the last quarter. FMR LLC lifted its stake in Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Cadence Design Systems by 25.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock valued at $882,655,000 after acquiring an additional 601,834 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Piper Sandler lifted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Oppenheimer decreased their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Mizuho boosted their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Finally, KeyCorp boosted their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $0.80 during mid-day trading on Tuesday, hitting $293.33. The company's stock had a trading volume of 1,616,920 shares, compared to its average volume of 2,014,981. 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 business's fifty day moving average is $283.41 and its two-hundred day moving average is $287.43. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The stock has a market cap of $80.09 billion, a price-to-earnings ratio of 75.99, a PEG ratio of 3.88 and a beta of 1.04.

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

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares of the company's stock, valued at $27,486,979.36. This trade represents a 0.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the vice president now directly owns 28,442 shares in the company, valued at $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 three months, insiders have sold 17,795 shares of company stock valued at $5,429,853. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Company 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.