Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Siemens Fonds Invest GmbH

Siemens Fonds Invest GmbH decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,996 shares of the software maker's stock after selling 1,843 shares during the quarter. Siemens Fonds Invest GmbH's holdings in Cadence Design Systems were worth $3,732,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Park Square Financial Group LLC purchased a new position in Cadence Design Systems in the 4th quarter worth $348,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Cadence Design Systems in the 4th quarter worth $75,205,000. Armis Advisers LLC purchased a new position in Cadence Design Systems in the 4th quarter worth $635,000. Integrated Advisors Network LLC raised its stake in Cadence Design Systems by 156.9% in the 4th quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker's stock worth $1,023,000 after acquiring an additional 2,080 shares during the last quarter. Finally, Great Valley Advisor Group Inc. raised its stake in Cadence Design Systems by 3.0% in the 4th quarter. Great Valley Advisor Group Inc. now owns 32,694 shares of the software maker's stock worth $9,823,000 after acquiring an additional 941 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on CDNS shares. JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Robert W. Baird lifted their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Loop Capital reduced their price objective 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. Oppenheimer reduced their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Finally, Mizuho lifted their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. One 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the transaction, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,445 shares of company stock worth $5,594,127. Insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $0.13 during trading on Friday, reaching $284.63. 2,901,589 shares of the company's stock traded hands, compared to its average volume of 2,022,904. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market cap of $77.72 billion, a PE ratio of 73.74, a P/E/G ratio of 3.88 and a beta of 1.04. The company has a 50-day simple moving average of $282.52 and a 200-day simple moving average of $287.74.

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

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.