Stephens Investment Management Group LLC Sells 32,045 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Stephens Investment Management Group LLC cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 25.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,002 shares of the software maker's stock after selling 32,045 shares during the quarter. Stephens Investment Management Group LLC's holdings in Cadence Design Systems were worth $24,162,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in CDNS. Smallwood Wealth Investment Management LLC bought a new stake in shares of Cadence Design Systems during the first quarter valued at approximately $25,000. Valley National Advisers Inc. boosted its position in shares of Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after purchasing an additional 99 shares in the last quarter. Ancora Advisors LLC boosted its position in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after purchasing an additional 112 shares in the last quarter. Avalon Trust Co bought a new stake in Cadence Design Systems in the fourth quarter worth $39,000. Finally, Bartlett & CO. Wealth Management LLC boosted its holdings in Cadence Design Systems by 147.3% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock worth $47,000 after acquiring an additional 109 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CDNS shares. Wells Fargo & Company boosted their target price on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Wall Street Zen raised shares of Cadence Design Systems from a "hold" rating to a "buy" rating in a report on Saturday. The Goldman Sachs Group assumed coverage on shares of Cadence Design Systems in a report on Thursday. They set a "buy" rating and a $380.00 price target on the stock. Mizuho boosted their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, Bank of America boosted their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $327.93.

Cadence Design Systems Price Performance

Shares of CDNS opened at $320.60 on Monday. The firm has a market cap of $87.54 billion, a PE ratio of 81.16, a P/E/G ratio of 4.44 and a beta of 0.99. 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 firm has a fifty day simple moving average of $307.83 and a two-hundred day simple moving average of $287.26. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $330.09.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company's quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.17 EPS. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity

In other news, VP Paul Scannell sold 4,710 shares of the business's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the sale, the vice president owned 28,442 shares of the company's stock, valued at $8,532,600. The trade was a 14.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total transaction of $306,350.00. Following the sale, the vice president directly owned 105,499 shares of the company's stock, valued at approximately $32,319,618.65. The trade was a 0.94% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,975 shares of company stock worth $6,114,587. Company insiders own 0.37% of the company's stock.

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.

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.