Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 0.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 383,785 shares of the software maker's stock after selling 3,085 shares during the period. Victory Capital Management Inc. owned approximately 0.14% of Cadence Design Systems worth $97,608,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CDNS. Smallwood Wealth Investment Management LLC acquired a new stake in Cadence Design Systems in the first quarter worth about $25,000. Valley National Advisers Inc. raised its position in Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after acquiring an additional 99 shares in the last quarter. Ancora Advisors LLC raised its position in Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after acquiring an additional 112 shares in the last quarter. Bartlett & CO. Wealth Management LLC raised its position 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. Finally, HWG Holdings LP bought a new stake in Cadence Design Systems in the first quarter worth about $54,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insiders Place Their Bets

In related news, 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 completion of the sale, the chief executive officer owned 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. 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 company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total value of $306,350.00. Following the completion of the transaction, the vice president directly owned 105,499 shares in the company, valued at approximately $32,319,618.65. The trade was a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,975 shares of company stock worth $6,114,587. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Trading Down 1.6%

Shares of NASDAQ CDNS traded down $5.29 during midday trading on Friday, reaching $315.57. The company had a trading volume of 1,390,857 shares, compared to its average volume of 2,021,785. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $330.09. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The firm's fifty day moving average price is $308.81 and its 200-day moving average price is $287.99. The stock has a market cap of $86.16 billion, a PE ratio of 79.89, a price-to-earnings-growth ratio of 4.46 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 for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The firm's quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.17 EPS. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Needham & Company LLC reiterated a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Tuesday, May 13th. Rosenblatt Securities boosted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Wells Fargo & Company boosted their price target on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, Wall Street Zen raised Cadence Design Systems from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $330.07.

About Cadence Design Systems

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.