Harrell Investment Partners LLC Decreases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Harrell Investment Partners LLC lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 60.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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.

Several other hedge funds and other institutional investors have also made changes to their positions in CDNS. Norges Bank purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $1,170,209,000. GAMMA Investing LLC increased its holdings in shares of Cadence Design Systems by 31,049.1% in the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock valued at $309,835,000 after purchasing an additional 1,214,330 shares during the last quarter. Schroder Investment Management Group lifted its position in Cadence Design Systems by 53.1% during the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after buying an additional 716,041 shares in the last quarter. FMR LLC lifted its position in Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after buying an additional 639,146 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after buying an additional 632,175 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Down 0.7%

Cadence Design Systems stock opened at $296.84 on Thursday. The stock has a 50-day simple moving average of $295.30 and a 200-day simple moving average of $287.23. 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 company has a market capitalization of $81.05 billion, a P/E ratio of 75.15, a PEG ratio of 4.14 and a beta of 0.98. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion for 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 for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.17 earnings per share. Equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares of the company's stock, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James D. Plummer sold 868 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the sale, the director now owns 23,996 shares in the company, valued at $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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.

Analyst Ratings Changes

CDNS has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price objective 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. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Piper Sandler boosted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Loop Capital lowered their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Finally, Rosenblatt Securities lifted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

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.

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