Citigroup Inc. Sells 73,259 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Citigroup Inc. has reduced its stake in Cadence Design Systems by 13.6% in the first quarter, owning 465,044 shares valued at approximately $118 million after selling 73,259 shares.
• Several hedge funds have increased their holdings in Cadence, including Merit Financial Group with a 42.6% increase and Novem Group with a 30.3% increase in the first quarter.
• Wall Street analysts have raised their price targets for Cadence Design Systems, with a consensus price target of $364.33 and a general rating of "Moderate Buy".

Citigroup Inc. cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 465,044 shares of the software maker's stock after selling 73,259 shares during the period. Citigroup Inc. owned 0.17% of Cadence Design Systems worth $118,275,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CDNS. Park Square Financial Group LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth about $348,000. Merit Financial Group LLC raised its holdings in shares of Cadence Design Systems by 42.6% in the 1st quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker's stock valued at $805,000 after purchasing an additional 946 shares in the last quarter. Novem Group raised its stake in Cadence Design Systems by 30.3% during the 1st quarter. Novem Group now owns 4,067 shares of the software maker's stock worth $1,034,000 after acquiring an additional 945 shares in the last quarter. Seilern Investment Management Ltd acquired a new stake in Cadence Design Systems during the 1st quarter worth $64,800,000. Finally, Integrated Advisors Network LLC raised its stake in Cadence Design Systems by 156.9% during the 4th quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker's stock worth $1,023,000 after acquiring an additional 2,080 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Berenberg Bank set a $400.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, July 30th. Wall Street Zen downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Needham & Company LLC raised their price target on shares of Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Bank of America lifted their price objective on shares of 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, Wells Fargo & Company lifted their price objective on shares of Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $364.33.

Cadence Design Systems Stock Down 1.7%

NASDAQ CDNS traded down $6.01 during trading on Wednesday, reaching $347.61. The company's stock had a trading volume of 651,578 shares, compared to its average volume of 2,060,107. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $94.72 billion, a PE ratio of 93.92, a PEG ratio of 4.58 and a beta of 0.97. The business has a 50-day moving average price of $321.68 and a 200-day moving average price of $292.87. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The business had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. During the same period in the previous year, the company earned $1.28 earnings per share. Cadence Design Systems's revenue for the quarter was up 20.2% on a year-over-year basis. On average, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director owned 8,010 shares of the company's stock, valued at approximately $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $358.72, for a total transaction of $358,720.00. Following the transaction, the vice president directly owned 104,499 shares in the company, valued at $37,485,881.28. This trade represents a 0.95% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,698 shares of company stock valued at $1,485,387. 0.37% of the stock is owned by company 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.