iA Global Asset Management Inc. Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

iA Global Asset Management Inc. cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 43.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,332 shares of the software maker's stock after selling 24,674 shares during the quarter. iA Global Asset Management Inc.'s holdings in Cadence Design Systems were worth $8,223,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Empower Advisory Group LLC increased its stake in Cadence Design Systems by 4.1% during the 1st quarter. Empower Advisory Group LLC now owns 911 shares of the software maker's stock valued at $232,000 after purchasing an additional 36 shares in the last quarter. Costello Asset Management INC bought a new stake in Cadence Design Systems during the 1st quarter valued at about $25,000. Thoroughbred Financial Services LLC increased its stake in Cadence Design Systems by 6.9% during the 1st quarter. Thoroughbred Financial Services LLC now owns 1,604 shares of the software maker's stock valued at $407,000 after purchasing an additional 104 shares in the last quarter. Geneva Capital Management LLC increased its stake in Cadence Design Systems by 14.1% during the 1st quarter. Geneva Capital Management LLC now owns 96,277 shares of the software maker's stock valued at $24,486,000 after purchasing an additional 11,910 shares in the last quarter. Finally, MWA Asset Management increased its stake in Cadence Design Systems by 2.0% during the 1st quarter. MWA Asset Management now owns 4,428 shares of the software maker's stock valued at $1,126,000 after purchasing an additional 85 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on CDNS. Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. The Goldman Sachs Group initiated coverage on shares of Cadence Design Systems in a research note on Thursday, July 10th. They issued a "buy" rating and a $380.00 price target for the company. JPMorgan Chase & Co. lifted their price target on shares of Cadence Design Systems from $330.00 to $390.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. KeyCorp lifted their price target on shares of Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Finally, Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $365.00 to $405.00 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 assigned a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $364.33.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $360.50 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The company has a market capitalization of $98.23 billion, a P/E ratio of 97.43, a P/E/G ratio of 4.79 and a beta of 0.97. The firm's 50 day simple moving average is $315.17 and its two-hundred day simple moving average is $291.58.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the firm earned $1.28 earnings per share. The company's revenue for the quarter was up 20.2% on a year-over-year basis. Research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $358.72, for a total transaction of $358,720.00. Following the transaction, the vice president directly owned 104,499 shares in the company, valued at $37,485,881.28. This represents a 0.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,698 shares of company stock valued at $1,485,387 over the last 90 days. 0.37% of the stock is currently owned by corporate insiders.

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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