Royal Bank of Canada Sells 79,657 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Royal Bank of Canada decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 10.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 707,681 shares of the software maker's stock after selling 79,657 shares during the quarter. Royal Bank of Canada owned about 0.26% of Cadence Design Systems worth $212,630,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Raiffeisen Bank International AG bought a new stake in Cadence Design Systems in the fourth quarter valued at $11,377,000. ProShare Advisors LLC increased its position in Cadence Design Systems by 17.4% in the 4th quarter. ProShare Advisors LLC now owns 368,065 shares of the software maker's stock valued at $110,589,000 after buying an additional 54,453 shares in the last quarter. Quantinno Capital Management LP raised its stake in Cadence Design Systems by 6.5% during the 4th quarter. Quantinno Capital Management LP now owns 61,958 shares of the software maker's stock worth $18,616,000 after buying an additional 3,782 shares during the period. Pathstone Holdings LLC boosted its holdings in Cadence Design Systems by 4.4% in the fourth quarter. Pathstone Holdings LLC now owns 58,540 shares of the software maker's stock worth $17,589,000 after acquiring an additional 2,467 shares in the last quarter. Finally, Parkwood LLC acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $11,589,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CDNS shares. KeyCorp lifted their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Loop Capital cut their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Robert W. Baird lifted their target price on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Finally, Oppenheimer decreased their price target 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 investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

Cadence Design Systems Trading Down 0.6%

Shares of Cadence Design Systems stock traded down $1.74 during midday trading on Friday, reaching $314.89. 304,877 shares of the company's stock traded hands, compared to its average volume of 1,974,110. The stock has a 50 day moving average of $277.99 and a 200-day moving average of $287.50. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The company has a market cap of $85.98 billion, a PE ratio of 81.75, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data 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. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the firm earned $1.17 EPS. The company's quarterly revenue was up 23.1% compared to the same quarter last year. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director James D. Plummer sold 868 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director now owns 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction that occurred 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 sale, the chief executive officer now owns 209,548 shares in the company, valued at $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,445 shares of company stock valued at $5,594,127 over the last three months. Corporate insiders own 1.99% of the company's stock.

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.