Kintegral Advisory LLC Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kintegral Advisory LLC lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 32.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,974 shares of the software maker's stock after selling 4,401 shares during the quarter. Kintegral Advisory LLC's holdings in Cadence Design Systems were worth $2,282,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CDNS. Smallwood Wealth Investment Management LLC acquired a new position in Cadence Design Systems during the first quarter worth about $25,000. Valley National Advisers Inc. boosted its stake in shares of Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after acquiring an additional 99 shares in the last quarter. Ancora Advisors LLC grew its holdings in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after acquiring an additional 112 shares during the period. Avalon Trust Co purchased a new position in Cadence Design Systems in the 4th quarter valued at approximately $39,000. Finally, OFI Invest Asset Management acquired a new position in Cadence Design Systems during the fourth quarter worth $46,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Scannell sold 4,710 shares of the stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the transaction, the vice president directly owned 28,442 shares in the company, valued at approximately $8,532,600. This represents a 14.21% 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 quarter. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CDNS. Rosenblatt Securities raised their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. KeyCorp raised their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price target for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Finally, 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. 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 company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

Cadence Design Systems Stock Up 5.6%

Shares of NASDAQ CDNS opened at $328.49 on Friday. The firm has a market cap of $89.69 billion, a P/E ratio of 83.16, a price-to-earnings-growth ratio of 4.31 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. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $330.09. The firm's 50 day moving average price is $304.73 and its 200 day moving average price is $286.79.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued 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 company had revenue of $1.24 billion for 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 business's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.17 EPS. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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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