World Investment Advisors Sells 5,509 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

World Investment Advisors cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 36.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,451 shares of the software maker's stock after selling 5,509 shares during the quarter. World Investment Advisors' holdings in Cadence Design Systems were worth $2,404,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in CDNS. Park Square Financial Group LLC bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $348,000. Citizens Financial Group Inc. RI increased its holdings in shares of Cadence Design Systems by 80.6% in the fourth quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker's stock valued at $2,421,000 after purchasing an additional 3,595 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cadence Design Systems by 4.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker's stock worth $62,935,000 after purchasing an additional 8,570 shares during the last quarter. Royal London Asset Management Ltd. raised its position in Cadence Design Systems by 5.2% in the 4th quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker's stock worth $46,834,000 after purchasing an additional 7,766 shares during the last quarter. Finally, Jensen Investment Management Inc. acquired a new position in Cadence Design Systems during the 4th quarter worth $126,571,000. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction dated 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. This represents a 4.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the transaction, the director directly owned 8,010 shares of the company's stock, valued at $2,435,040. The trade was a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,975 shares of company stock valued at $6,114,587 in the last ninety days. 0.37% of the stock is owned by insiders.

Cadence Design Systems Trading Up 5.6%

Shares of CDNS stock opened at $328.49 on Monday. The stock has a market capitalization of $89.69 billion, a price-to-earnings ratio of 83.16, a PEG ratio of 4.53 and a beta of 0.99. The company's fifty day simple moving average is $305.50 and its two-hundred day simple moving average is $286.72. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $330.09. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the company earned $1.17 EPS. The firm's revenue was up 23.1% compared to the same quarter last year. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CDNS shares. Rosenblatt Securities lifted their target price 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. Bank of America raised their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Mizuho upped their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Finally, Robert W. Baird lifted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Company 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.

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