Forsta AP Fonden Cuts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Forsta AP Fonden has reduced its holdings in Cadence Design Systems by 20.5%, now owning 56,000 shares worth approximately $14.24 million after selling 14,400 shares in Q1.
• Analysts have raised their price targets for Cadence Design Systems, with estimates now ranging from $375.00 to $405.00, reflecting an overall positive outlook on the stock.
• Insiders have sold a total of 4,698 shares of Cadence design Systems stock over the past three months, indicating a 1.99% ownership by insiders.

Forsta AP Fonden reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 20.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 56,000 shares of the software maker's stock after selling 14,400 shares during the quarter. Forsta AP Fonden's holdings in Cadence Design Systems were worth $14,242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Smallwood Wealth Investment Management LLC purchased a new stake in Cadence Design Systems during the 1st quarter valued at $25,000. Costello Asset Management INC bought a new stake in shares of Cadence Design Systems in the first quarter worth about $25,000. Valley National Advisers Inc. grew its stake in shares of Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after buying an additional 99 shares during the last quarter. Ancora Advisors LLC grew its stake in shares of Cadence Design Systems by 1,400.0% during the fourth 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. Finally, Meeder Asset Management Inc. boosted its holdings in shares of Cadence Design Systems by 36.5% in the first quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock valued at $44,000 after purchasing an additional 46 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the sale, the director directly owned 8,010 shares of the company's stock, valued at $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James D. Plummer sold 868 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director owned 23,996 shares of the company's stock, valued at $7,677,520.20. The trade was a 3.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,698 shares of company stock valued at $1,485,387 in the last ninety days. Insiders own 0.37% of the company's stock.

Cadence Design Systems Stock Down 1.8%

Shares of NASDAQ:CDNS traded down $6.22 on Wednesday, hitting $347.40. 651,578 shares of the company's stock were exchanged, compared to its average volume of 2,060,107. The firm's 50-day moving average is $321.68 and its 200 day moving average is $292.87. The company has a market capitalization of $94.66 billion, a PE ratio of 93.92, a P/E/G ratio of 4.58 and a beta of 0.97. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. 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 prior year, the firm posted $1.28 EPS. The business's quarterly revenue was up 20.2% compared to the same quarter last year. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. KeyCorp upped their target price on Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Bank of America increased their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Needham & Company LLC raised their target price on Cadence Design Systems from $325.00 to $390.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Robert W. Baird raised their target price on Cadence Design Systems from $340.00 to $380.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Finally, The Goldman Sachs Group assumed coverage on Cadence Design Systems in a research report on Thursday, July 10th. They issued a "buy" rating and a $380.00 target price on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $364.33.

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.