Cadence Design Systems, Inc. (NASDAQ:CDNS) Holdings Trimmed by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 21.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,807 shares of the software maker's stock after selling 7,262 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Cadence Design Systems were worth $6,818,000 as of its most recent SEC filing.

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

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer now directly owns 209,548 shares of the company's stock, valued at $64,959,880. This trade represents a 4.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now directly owns 7,411 shares in the company, valued at $2,038,025. This trade represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,625 shares of company stock valued at $5,972,453 in the last quarter. Insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wells Fargo & Company increased their target price on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Bank of America increased their price objective 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. Robert W. Baird boosted their target price 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. Rosenblatt Securities raised their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. Finally, Oppenheimer cut their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded down $1.44 during midday trading on Friday, hitting $295.40. 2,372,758 shares of the stock were exchanged, compared to its average volume of 2,012,757. The business has a 50-day moving average price of $296.88 and a two-hundred day moving average price of $286.75. 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 company has a market capitalization of $80.66 billion, a price-to-earnings ratio of 74.78, a P/E/G ratio of 4.09 and a beta of 0.98. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $326.19.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share 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 29.36% and a net margin of 22.18%. The company's revenue was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.17 earnings per share. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current 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.