US Bancorp DE Lowers Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• US Bancorp DE has reduced its stake in Cadence Design Systems by 3.3% in Q1, owning 34,628 shares worth approximately $8.8 million.
• Several investors have significantly increased their positions in Cadence, including Valley National Advisers Inc., which grew its holdings by 707.1% during the first quarter.
• Wall Street analysts have issued a range of price targets for Cadence, with the consensus rating being a "Moderate Buy" and a price target of $364.33 following strong quarterly earnings results.

US Bancorp DE lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,628 shares of the software maker's stock after selling 1,199 shares during the period. US Bancorp DE's holdings in Cadence Design Systems were worth $8,807,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CDNS. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $25,000. Valley National Advisers Inc. raised its position in shares of Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after buying an additional 99 shares in the last quarter. Ancora Advisors LLC raised its position in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after buying an additional 112 shares in the last quarter. Meeder Asset Management Inc. raised its position in shares of Cadence Design Systems by 36.5% in the first quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock valued at $44,000 after buying an additional 46 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC raised its position in shares of 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 valued at $47,000 after buying an additional 109 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Down 1.2%

CDNS stock traded down $4.38 during trading on Tuesday, reaching $360.50. The stock had a trading volume of 1,681,862 shares, compared to its average volume of 1,983,424. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49. The company's 50 day moving average is $314.42 and its two-hundred day moving average is $291.09. The company has a market capitalization of $98.23 billion, a price-to-earnings ratio of 97.43, a P/E/G ratio of 4.79 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. 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 company's revenue was up 20.2% compared to the same quarter last year. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Cadence Design Systems from $330.00 to $390.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Stifel Nicolaus lifted their price objective on shares of Cadence Design Systems from $350.00 to $395.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Berenberg Bank set a $400.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, July 30th. Mizuho lifted their price objective on shares of Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a research note on Tuesday, July 29th. Finally, Loop Capital boosted their target price on shares of 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 issued a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $364.33.

Insiders Place Their Bets

In other news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the transaction, the director owned 8,010 shares of the company's stock, valued at $2,435,040. This represents a 2.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $358.72, for a total transaction of $358,720.00. Following the completion of the transaction, the vice president directly owned 104,499 shares in the company, valued at $37,485,881.28. The trade was a 0.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,698 shares of company stock worth $1,485,387 in the last three months. 0.37% of the stock is currently owned by corporate 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.