Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Kingsview Wealth Management LLC

Kingsview Wealth Management LLC decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 48.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,505 shares of the software maker's stock after selling 2,317 shares during the quarter. Kingsview Wealth Management LLC's holdings in Cadence Design Systems were worth $637,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Smallwood Wealth Investment Management LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at approximately $25,000. Valley National Advisers Inc. raised its holdings in shares of Cadence Design Systems by 707.1% during 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 holdings in shares of Cadence Design Systems by 1,400.0% during 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. Bartlett & CO. Wealth Management LLC raised its holdings in shares of Cadence Design Systems by 147.3% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock valued at $47,000 after acquiring an additional 109 shares during the last quarter. Finally, Hoey Investments Inc. acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $63,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Trading Up 2.1%

Cadence Design Systems stock traded up $6.97 during mid-day trading on Friday, hitting $331.61. The company's stock had a trading volume of 695,097 shares, compared to its average volume of 2,041,174. The firm has a market capitalization of $90.54 billion, a PE ratio of 84.04, a price-to-earnings-growth ratio of 4.54 and a beta of 0.99. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $334.00. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The stock's fifty day moving average is $309.18 and its two-hundred day moving average is $288.52.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The firm's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.17 earnings per share. On average, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the transaction, the vice president directly owned 105,499 shares in the company, valued at $32,319,618.65. This represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Scannell sold 4,710 shares of the company'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 $8,532,600. This trade represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,795 shares of company stock valued at $6,065,087 over the last ninety days. 1.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their target price for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Rosenblatt Securities reissued a "neutral" rating and set a $300.00 target price on shares of Cadence Design Systems in a report on Friday. Needham & Company LLC restated a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Wall Street Zen lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Finally, Wells Fargo & Company upped their price target 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $332.57.

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.