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

Moran Wealth Management LLC trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 151,419 shares of the software maker's stock after selling 5,527 shares during the period. Cadence Design Systems comprises about 1.3% of Moran Wealth Management LLC's portfolio, making the stock its 8th largest holding. Moran Wealth Management LLC owned approximately 0.06% of Cadence Design Systems worth $38,510,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CDNS. Brighton Jones LLC raised its position in shares of Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after buying an additional 676 shares during the last quarter. Highview Capital Management LLC DE raised its holdings in Cadence Design Systems by 2.7% in the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock valued at $1,894,000 after acquiring an additional 163 shares during the last quarter. D.A. Davidson & CO. lifted its stake in Cadence Design Systems by 77.3% in the 4th quarter. D.A. Davidson & CO. now owns 2,915 shares of the software maker's stock worth $876,000 after purchasing an additional 1,271 shares in the last quarter. Concurrent Investment Advisors LLC boosted its holdings in shares of Cadence Design Systems by 13.7% during the 4th quarter. Concurrent Investment Advisors LLC now owns 1,004 shares of the software maker's stock worth $302,000 after purchasing an additional 121 shares during the last quarter. Finally, Sigma Planning Corp grew its position in shares of Cadence Design Systems by 17.2% in the fourth quarter. Sigma Planning Corp now owns 2,370 shares of the software maker's stock valued at $712,000 after purchasing an additional 348 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several analyst reports. Rosenblatt Securities upped their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Bank of America increased their price target 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. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Finally, Oppenheimer lowered their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now owns 108,799 shares of the company's stock, valued at $27,486,979.36. This represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the sale, the director now directly owns 23,996 shares of the company's stock, valued at $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,625 shares of company stock valued at $5,972,453 in the last three months. 0.37% of the stock is owned by corporate insiders.

Cadence Design Systems Trading Up 1.1%

NASDAQ CDNS traded up $3.24 during trading on Tuesday, hitting $296.80. The stock had a trading volume of 1,906,099 shares, compared to its average volume of 2,012,818. The company has a market capitalization of $81.04 billion, a PE ratio of 75.14, a PEG ratio of 4.09 and a beta of 0.99. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $326.19. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The firm has a 50 day moving average price of $297.54 and a 200 day moving average price of $286.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results 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. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the firm earned $1.17 EPS. The firm's revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities research analysts forecast 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.