Frank Rimerman Advisors LLC Sells 3,832 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Frank Rimerman Advisors LLC reduced its stake in Cadence Design Systems by 55.8% in Q1, selling 3,832 shares and retaining 3,031 shares valued at approximately $771,000.
• Cadence Design Systems reported $1.65 per share in Q2 earnings, exceeding analysts' expectations of $1.56, alongside a 20.2% increase in revenue year-over-year.
• Multiple analysts have raised their price targets for Cadence Design Systems, with JPMorgan Chase increasing theirs from $330 to $390, reflecting strong confidence in the company's performance.

Frank Rimerman Advisors LLC lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 55.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,031 shares of the software maker's stock after selling 3,832 shares during the quarter. Frank Rimerman Advisors LLC's holdings in Cadence Design Systems were worth $771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Cadence Design Systems by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock valued at $6,698,834,000 after purchasing an additional 429,955 shares during the period. Jennison Associates LLC grew its stake in Cadence Design Systems by 13.2% in the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock valued at $2,305,489,000 after purchasing an additional 1,054,702 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cadence Design Systems by 10.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker's stock valued at $1,326,912,000 after purchasing an additional 427,418 shares during the period. Northern Trust Corp grew its stake in Cadence Design Systems by 16.1% in the 4th quarter. Northern Trust Corp now owns 3,032,957 shares of the software maker's stock valued at $911,282,000 after purchasing an additional 421,507 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in Cadence Design Systems by 25.8% in the 4th 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 purchasing an additional 601,834 shares during the period. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $352.06 on Friday. The stock has a market cap of $95.93 billion, a price-to-earnings ratio of 95.15, a P/E/G ratio of 4.62 and a beta of 0.97. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The stock's 50-day moving average is $319.34 and its 200 day moving average is $292.47.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data 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 company 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%. Cadence Design Systems's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the firm posted $1.28 EPS. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, Director James D. Plummer sold 868 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the transaction, the director directly owned 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $358.72, for a total value of $358,720.00. Following the transaction, the vice president owned 104,499 shares in the company, valued at approximately $37,485,881.28. The trade was a 0.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,698 shares of company stock valued at $1,485,387. Corporate insiders own 1.99% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Rosenblatt Securities reiterated a "neutral" rating and set a $300.00 price target on shares of Cadence Design Systems in a research note on Friday, July 25th. Mizuho increased their price target on Cadence Design Systems from $360.00 to $375.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 29th. Piper Sandler reiterated a "neutral" rating and set a $355.00 price target (up previously from $328.00) on shares of Cadence Design Systems in a research note on Tuesday, July 29th. Robert W. Baird increased their price target on Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Finally, JPMorgan Chase & Co. increased their price target 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $364.33.

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.

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