Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 39,213 shares of the software maker's stock after selling 1,272 shares during the quarter. Meritage Portfolio Management's holdings in Cadence Design Systems were worth $9,973,000 as of its most recent filing with the SEC.

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

Cadence Design Systems Trading Up 5.6%

Shares of CDNS traded up $17.54 during midday trading on Friday, hitting $328.49. The stock had a trading volume of 2,274,696 shares, compared to its average volume of 2,028,063. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. The stock's 50 day moving average is $304.73 and its 200 day moving average is $286.79. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $330.09. The firm has a market cap of $89.69 billion, a PE ratio of 83.16, a price-to-earnings-growth ratio of 4.31 and a beta of 0.99.

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 analysts' consensus estimates of $1.50 by $0.07. The business 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 period last year, the business posted $1.17 EPS. As a group, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Bank of America upped their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Robert W. Baird raised their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Needham & Company LLC reissued a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, May 13th. Finally, Oppenheimer lowered their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

Insider Buying and Selling 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 Friday, June 13th. The stock was sold at an average price of $302.00, for a total value of $302,000.00. Following the completion of the sale, the vice president directly owned 106,499 shares in the company, valued at $32,162,698. This represents a 0.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer directly owned 209,548 shares in the company, valued at $64,959,880. This represents a 4.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,975 shares of company stock valued at $6,114,587. 1.99% of the stock is owned by insiders.

About Cadence Design Systems

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.