Miracle Mile Advisors LLC Cuts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Miracle Mile Advisors LLC cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 42.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,944 shares of the software maker's stock after selling 2,880 shares during the period. Miracle Mile Advisors LLC's holdings in Cadence Design Systems were worth $1,003,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in CDNS. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $28,000. Ancora Advisors LLC lifted 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 worth $36,000 after purchasing an additional 112 shares during the period. Avalon Trust Co bought a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $39,000. OFI Invest Asset Management purchased a new position in Cadence Design Systems during the fourth quarter valued at approximately $46,000. Finally, Synergy Investment Management LLC bought a new position in Cadence Design Systems in the fourth quarter worth approximately $50,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares of the company's stock, valued at approximately $27,486,979.36. The trade was a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now owns 209,548 shares in the company, valued at $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,445 shares of company stock worth $5,615,733. 1.99% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CDNS shares. Piper Sandler lifted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. KeyCorp lifted their target price on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Needham & Company LLC restated a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. Rosenblatt Securities boosted their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 29th. Finally, Bank of America raised their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Stock Performance

CDNS traded up $4.03 during trading on Tuesday, reaching $305.69. 1,603,085 shares of the company's stock were exchanged, compared to its average volume of 2,024,127. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The company's fifty day simple moving average is $287.12 and its 200-day simple moving average is $287.20. The stock has a market capitalization of $83.47 billion, a P/E ratio of 79.19, a price-to-earnings-growth ratio of 3.88 and a beta of 0.98.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter last year, the company posted $1.17 earnings per share. The firm's revenue was up 23.1% compared to the same quarter last year. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.