Cumberland Partners Ltd Sells 35,497 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Cumberland Partners Ltd reduced its holdings in Cadence Design Systems by 74.1%, selling 35,497 shares, and now holds 12,430 shares worth approximately $3.16 million.
• Cadence Design Systems reported a quarterly EPS of $1.65, exceeding estimates and showing a 20.2% year-over-year revenue increase to $1.28 billion.
• Several analysts have raised their price targets on Cadence Design Systems, with targets ranging from $355 to $405 and a consensus rating of "Moderate Buy".

Cumberland Partners Ltd reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 74.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,430 shares of the software maker's stock after selling 35,497 shares during the period. Cumberland Partners Ltd's holdings in Cadence Design Systems were worth $3,161,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Legacy Capital Wealth Partners LLC increased its position in shares of Cadence Design Systems by 2.8% during the first quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock valued at $309,000 after acquiring an additional 33 shares during the last quarter. Accredited Investors Inc. raised its position in Cadence Design Systems by 1.7% in the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after purchasing an additional 36 shares during the last quarter. Principal Street Partners LLC increased its stake in Cadence Design Systems by 2.6% in the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock valued at $437,000 after buying an additional 37 shares during the period. Oarsman Capital Inc. increased its stake in Cadence Design Systems by 3.8% in the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after buying an additional 38 shares during the period. Finally, Greenleaf Trust increased its stake in Cadence Design Systems by 0.7% in the 1st quarter. Greenleaf Trust now owns 5,802 shares of the software maker's stock valued at $1,476,000 after buying an additional 39 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $358.72, for a total transaction of $358,720.00. Following the completion of the transaction, the vice president directly owned 104,499 shares in the company, valued at approximately $37,485,881.28. This trade represents a 0.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James D. Plummer sold 868 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director owned 23,996 shares of the company's stock, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,698 shares of company stock valued at $1,485,387 over the last 90 days. 0.37% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $365.00 to $405.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Mizuho increased their price objective on shares of Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a research report on Tuesday, July 29th. Loop Capital raised their price target on shares of Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. JPMorgan Chase & Co. raised their price objective on Cadence Design Systems from $330.00 to $390.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Finally, Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $364.33.

Cadence Design Systems Stock Performance

Shares of CDNS traded down $1.60 on Wednesday, reaching $358.91. 465,569 shares of the stock traded hands, compared to its average volume of 2,082,269. The firm has a market cap of $97.80 billion, a price-to-earnings ratio of 97.11, a P/E/G ratio of 4.79 and a beta of 0.97. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45. The stock's 50-day moving average price is $315.17 and its 200-day moving average price is $291.58.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.56 by $0.09. The firm had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The business's revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.28 earnings per share. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.