Russell Investments Group Ltd. Trims Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Russell Investments Group Ltd. reduced its stake in Cadence Design Systems by 17.2%, owning 118,763 shares valued at approximately $30.24 million after selling 24,664 shares in Q1.
• Cadence Design Systems reported earnings per share (EPS) of $1.65 for the last quarter, exceeding the consensus estimate of $1.56, with a quarterly revenue growth of 20.2%.
• Several brokerages raised their price targets for Cadence Design Systems, with Wells Fargo increasing it from $365.00 to $405.00 and maintaining an "overweight" rating.

Russell Investments Group Ltd. lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 17.2% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 118,763 shares of the software maker's stock after selling 24,664 shares during the quarter. Russell Investments Group Ltd.'s holdings in Cadence Design Systems were worth $30,243,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Smallwood Wealth Investment Management LLC purchased a new stake in Cadence Design Systems in the 1st quarter valued at approximately $25,000. Costello Asset Management INC purchased a new position in shares of Cadence Design Systems during the 1st quarter worth $25,000. Valley National Advisers Inc. lifted its stake in shares of Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after purchasing an additional 99 shares during the period. Ancora Advisors LLC lifted its stake in shares of Cadence Design Systems by 1,400.0% during 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. Finally, Meeder Asset Management Inc. lifted its stake in shares of Cadence Design Systems by 36.5% during the 1st quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock worth $44,000 after purchasing an additional 46 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Up 0.3%

Shares of NASDAQ CDNS opened at $349.88 on Friday. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The company has a market cap of $95.34 billion, a P/E ratio of 94.56, a P/E/G ratio of 4.58 and a beta of 0.97. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. The stock has a fifty day moving average price of $324.89 and a 200 day moving average price of $294.01.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the firm earned $1.28 EPS. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CDNS. Stifel Nicolaus increased their price target on Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. JPMorgan Chase & Co. increased their price target on Cadence Design Systems from $330.00 to $390.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. The Goldman Sachs Group began coverage on Cadence Design Systems in a research note on Thursday, July 10th. They set a "buy" rating and a $380.00 price target on the stock. Wells Fargo & Company increased their price target on Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Finally, Loop Capital increased their price target on Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $364.33.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the sale, the director directly owned 8,010 shares in the company, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $358.72, for a total value of $358,720.00. Following the sale, the vice president owned 104,499 shares of the company's stock, valued at $37,485,881.28. This represents a 0.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,830 shares of company stock valued at $1,207,671. 1.99% of the stock is owned by insiders.

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.

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