Harrell Investment Partners LLC Sells 1,942 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Harrell Investment Partners LLC trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 60.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,259 shares of the software maker's stock after selling 1,942 shares during the quarter. Harrell Investment Partners LLC's holdings in Cadence Design Systems were worth $320,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Park Square Financial Group LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $348,000. Citizens Financial Group Inc. RI raised its holdings in shares of Cadence Design Systems by 80.6% during the 4th quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker's stock worth $2,421,000 after acquiring an additional 3,595 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Cadence Design Systems by 4.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker's stock worth $62,935,000 after acquiring an additional 8,570 shares in the last quarter. Royal London Asset Management Ltd. raised its holdings in shares of Cadence Design Systems by 5.2% during the 4th quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker's stock worth $46,834,000 after acquiring an additional 7,766 shares in the last quarter. Finally, Jensen Investment Management Inc. purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $126,571,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Robert W. Baird upped their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. KeyCorp increased their price target on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Needham & Company LLC restated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. Bank of America increased their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Trading Down 0.5%

CDNS stock traded down $1.44 during midday trading on Friday, reaching $295.40. The company's stock had a trading volume of 2,372,758 shares, compared to its average volume of 2,012,757. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The stock has a fifty day simple moving average of $296.88 and a two-hundred day simple moving average of $286.75. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $326.19. The firm has a market capitalization of $80.66 billion, a price-to-earnings ratio of 74.78, a PEG ratio of 4.09 and a beta of 0.98.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the firm posted $1.17 earnings per share. The business's revenue was up 23.1% compared to the same quarter last year. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the transaction, the director now owns 7,411 shares in the company, valued at approximately $2,038,025. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. This represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,625 shares of company stock worth $5,972,453. Company insiders own 1.99% of the company's stock.

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.