Integrated Advisors Network LLC Has $585,000 Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Integrated Advisors Network LLC cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 32.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,300 shares of the software maker's stock after selling 1,106 shares during the period. Integrated Advisors Network LLC's holdings in Cadence Design Systems were worth $585,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ancora Advisors LLC grew its holdings in Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares during the period. Avalon Trust Co bought a new position in Cadence Design Systems in the 4th quarter valued at about $39,000. OFI Invest Asset Management bought a new position in Cadence Design Systems in the 4th quarter valued at about $46,000. Synergy Investment Management LLC bought a new position in Cadence Design Systems in the 4th quarter valued at about $50,000. Finally, Center for Financial Planning Inc. bought a new position in Cadence Design Systems in the 4th quarter valued at about $59,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Oppenheimer lowered their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Loop Capital lowered their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Rosenblatt Securities raised their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. Bank of America raised their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded down $0.57 during midday trading on Monday, reaching $299.43. 690,650 shares of the company were exchanged, compared to its average volume of 2,018,269. The stock's 50-day moving average price is $292.59 and its 200-day moving average price is $287.12. The stock has a market cap of $81.76 billion, a P/E ratio of 77.51, a PEG ratio of 3.88 and a beta of 0.98. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its 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 analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company's revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.17 earnings per share. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the transaction, the vice president now owns 28,442 shares in the company, valued at approximately $8,532,600. The trade was 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 the SEC website. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director now owns 8,010 shares in the company, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,625 shares of company stock valued at $5,670,453 in the last ninety days. 1.99% of the stock is currently owned by 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.