Impax Asset Management Group plc Sells 727,547 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Impax Asset Management Group plc decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 58.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 509,008 shares of the software maker's stock after selling 727,547 shares during the period. Impax Asset Management Group plc owned about 0.19% of Cadence Design Systems worth $128,660,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDNS. Smallwood Wealth Investment Management LLC bought a new position in shares of Cadence Design Systems in the first quarter valued at approximately $25,000. Valley National Advisers Inc. raised its stake in shares of Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after acquiring an additional 99 shares during the last quarter. Ancora Advisors LLC raised its stake in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after acquiring an additional 112 shares during the last quarter. Avalon Trust Co bought a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $39,000. Finally, OFI Invest Asset Management bought a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $46,000. Institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Mizuho raised their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Bank of America raised their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Finally, Oppenheimer lowered their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. One investment 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's stock. According to data from MarketBeat, Cadence Design Systems has an average rating of "Moderate Buy" and an average target price of $325.23.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer owned 209,548 shares of the company's stock, valued at $64,959,880. The trade was a 4.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the sale, the director directly owned 8,010 shares in the company, valued at $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,975 shares of company stock worth $6,114,587 over the last ninety days. Insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Up 5.6%

CDNS traded up $17.54 during trading on Friday, reaching $328.49. 2,274,696 shares of the company's stock were exchanged, compared to its average volume of 2,031,684. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $330.09. The firm has a market capitalization of $89.69 billion, a PE ratio of 83.16, a P/E/G ratio of 4.53 and a beta of 0.99. 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's fifty day moving average price is $305.50 and its 200-day moving average price is $286.81.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the business earned $1.17 EPS. The firm's revenue was up 23.1% on a year-over-year basis. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.