TD Private Client Wealth LLC Sells 1,137 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

TD Private Client Wealth LLC trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 8.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,953 shares of the software maker's stock after selling 1,137 shares during the period. TD Private Client Wealth LLC's holdings in Cadence Design Systems were worth $3,040,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of CDNS. Vanguard Group Inc. raised its holdings in Cadence Design Systems by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after buying an additional 201,340 shares during the period. FMR LLC raised its holdings in Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after buying an additional 639,146 shares during the period. Geode Capital Management LLC raised its holdings in 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 buying an additional 135,251 shares during the period. Alliancebernstein L.P. raised its holdings in 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 during the period. Finally, Franklin Resources Inc. raised its holdings in Cadence Design Systems by 5.2% during the 4th quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker's stock valued at $1,448,718,000 after buying an additional 238,535 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other 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 transaction of $54,720.00. Following the transaction, the director owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction 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 directly owned 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,975 shares of company stock worth $6,114,587. Insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CDNS shares. Oppenheimer decreased their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Rosenblatt Securities increased their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. KeyCorp increased their price target on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Mizuho increased their price target on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Cadence Design Systems Stock Up 0.9%

Shares of CDNS traded up $2.98 during midday trading on Tuesday, reaching $323.28. 2,021,728 shares of the stock were exchanged, compared to its average volume of 2,030,819. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $330.09. 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 company's 50 day moving average is $306.20 and its two-hundred day moving average is $286.85. The company has a market capitalization of $88.27 billion, a P/E ratio of 81.84, a PEG ratio of 4.53 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the company earned $1.17 EPS. The business's revenue was up 23.1% compared to the same quarter last year. On average, sell-side analysts anticipate 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.