QRG Capital Management Inc. Sells 15,919 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

QRG Capital Management Inc. cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 17.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 75,610 shares of the software maker's stock after selling 15,919 shares during the quarter. QRG Capital Management Inc.'s holdings in Cadence Design Systems were worth $19,230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in CDNS. Vanguard Group Inc. raised its position in Cadence Design Systems by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after purchasing an additional 201,340 shares in the last quarter. FMR LLC boosted its holdings in shares of Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Cadence Design Systems by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock valued at $1,806,019,000 after purchasing an additional 135,251 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Cadence Design Systems by 12.5% during 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 buying an additional 632,175 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in Cadence Design Systems by 5.2% in the fourth quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker's stock worth $1,448,718,000 after buying an additional 238,535 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Bank of America lifted their price target 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. Needham & Company LLC reiterated a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Wells Fargo & Company upped 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. KeyCorp lifted their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, Oppenheimer dropped their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $325.23.

Cadence Design Systems Trading Up 0.3%

CDNS stock traded up $0.81 during trading on Monday, reaching $300.81. The company had a trading volume of 1,696,530 shares, compared to its average volume of 2,022,192. 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 52 week low of $221.56 and a 52 week high of $328.99. The business has a 50 day moving average of $292.59 and a 200 day moving average of $287.12. The company has a market cap of $82.13 billion, a P/E ratio of 77.93, a PEG ratio of 3.88 and a beta of 0.98.

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

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred 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 sale, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. This represents a 0.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the transaction, the director now owns 8,010 shares of the company's stock, valued at $2,435,040. The trade was a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,625 shares of company stock valued at $5,670,453 in the last three months. Company insiders own 1.99% of the company's stock.

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.