OneDigital Investment Advisors LLC Has $478,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

OneDigital Investment Advisors LLC reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 51.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,878 shares of the software maker's stock after selling 2,018 shares during the quarter. OneDigital Investment Advisors LLC's holdings in Cadence Design Systems were worth $478,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CDNS. Norges Bank acquired a new position in Cadence Design Systems in the 4th quarter valued at approximately $1,170,209,000. GAMMA Investing LLC increased its position in Cadence Design Systems by 31,049.1% in the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock valued at $309,835,000 after acquiring an additional 1,214,330 shares during the period. Schroder Investment Management Group increased its position in Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after acquiring an additional 716,041 shares during the period. FMR LLC increased its position in Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after acquiring an additional 639,146 shares during the period. Finally, Alliancebernstein L.P. increased its position in Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after acquiring an additional 632,175 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Down 0.1%

NASDAQ:CDNS opened at $322.66 on Friday. 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 has a market capitalization of $88.10 billion, a price-to-earnings ratio of 81.69, a PEG ratio of 4.48 and a beta of 0.99. The firm has a fifty day simple moving average of $307.58 and a two-hundred day simple moving average of $287.48. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $330.09.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same period last year, the company posted $1.17 earnings per share. The business's quarterly revenue was up 23.1% on a year-over-year basis. Analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction 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 transaction, the chief executive officer directly owned 209,548 shares of the company's stock, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the transaction, the director directly owned 8,010 shares in the company, valued at $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 19,975 shares of company stock valued at $6,114,587. Corporate insiders own 1.99% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on CDNS shares. Robert W. Baird upped their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. The Goldman Sachs Group started coverage on shares of Cadence Design Systems in a research report on Thursday. They set a "buy" rating and a $380.00 price objective for the company. KeyCorp increased their price objective on shares of Cadence Design Systems from $340.00 to $358.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, Mizuho increased their price objective on shares of 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 research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $327.93.

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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