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

Impax Asset Management Group plc cut its stake 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 disclosure with the SEC. The firm owned 509,008 shares of the software maker's stock after selling 727,547 shares during the quarter. Impax Asset Management Group plc owned approximately 0.19% of Cadence Design Systems worth $128,660,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Cadence Design Systems by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after acquiring an additional 201,340 shares during the period. FMR LLC increased its stake in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after buying an additional 639,146 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Cadence Design Systems by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock valued at $1,806,019,000 after buying an additional 135,251 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after buying an additional 632,175 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Cadence Design Systems by 5.2% during the fourth quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker's stock worth $1,448,718,000 after purchasing an additional 238,535 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Scannell sold 4,710 shares of the firm's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the transaction, the vice president owned 28,442 shares in the company, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James D. Plummer sold 868 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director owned 23,996 shares in the company, valued at $7,677,520.20. The trade was a 3.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,975 shares of company stock worth $6,114,587 in the last three months. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Up 5.6%

NASDAQ CDNS traded up $17.54 during trading hours on Friday, hitting $328.49. 2,274,696 shares of the company traded hands, compared to its average volume of 2,031,684. The stock has a market capitalization of $89.69 billion, a price-to-earnings ratio of 83.16, a P/E/G ratio of 4.53 and a beta of 0.99. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $330.09. The business's 50-day moving average is $305.50 and its 200-day moving average is $286.91. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07.

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 for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business's revenue was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.17 earnings per share. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of recent research reports. Wells Fargo & Company increased their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Mizuho lifted their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Bank of America boosted their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Robert W. Baird raised their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems 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.