Harvest Fund Management Co. Ltd Sells 3,570 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Harvest Fund Management Co. Ltd reduced its holdings in Cadence Design Systems by 15.9%, selling 3,570 shares during the first quarter, leaving them with a total of 18,876 shares worth approximately $4.8 million.
• Cadence Design Systems has received mixed analyst ratings; while some have given buy ratings and increased price targets, Rosenblatt Securities maintained a neutral rating with a target price of $300.
• Insiders have sold a total of 15,085 shares of Cadence Design Systems stock in the last quarter, highlighting ongoing transactions involving management and board members.

Harvest Fund Management Co. Ltd cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 15.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,876 shares of the software maker's stock after selling 3,570 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Cadence Design Systems were worth $4,800,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CDNS. Brighton Jones LLC raised its position in shares of Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after purchasing an additional 676 shares during the period. Highview Capital Management LLC DE raised its position in shares of Cadence Design Systems by 2.7% in the fourth quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock valued at $1,894,000 after purchasing an additional 163 shares during the period. Blair William & Co. IL raised its position in shares of Cadence Design Systems by 14.0% in the fourth quarter. Blair William & Co. IL now owns 5,181 shares of the software maker's stock valued at $1,557,000 after purchasing an additional 636 shares during the period. Level Four Advisory Services LLC bought a new position in shares of Cadence Design Systems in the fourth quarter valued at about $364,000. Finally, Allianz SE bought a new position in Cadence Design Systems during the fourth quarter worth about $217,000. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS traded up $4.77 during mid-day trading on Wednesday, reaching $371.03. The company had a trading volume of 3,882,105 shares, compared to its average volume of 1,705,671. The company's 50 day simple moving average is $311.64 and its 200 day simple moving average is $289.87. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $374.05. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 2.82. The company has a market capitalization of $101.31 billion, a price-to-earnings ratio of 100.28, a P/E/G ratio of 5.09 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results 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. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the company posted $1.28 EPS. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total transaction of $306,350.00. Following the sale, the vice president directly owned 105,499 shares in the company, valued at $32,319,618.65. This trade represents a 0.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director owned 23,996 shares in the company, valued at approximately $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 quarter, insiders have sold 15,085 shares of company stock valued at $4,652,087. 1.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CDNS has been the topic of a number of recent research reports. Stifel Nicolaus raised their price target on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a research report on Tuesday. Needham & Company LLC raised their price target on shares of Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday. Robert W. Baird raised their price target on shares of Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a research report on Monday. Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Finally, Loop Capital raised their price target on shares of Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $359.00.

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.