Raymond James & Associates Decreases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Raymond James & Associates decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.4% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 218,215 shares of the software maker's stock after selling 5,296 shares during the period. Raymond James & Associates owned about 0.08% of Cadence Design Systems worth $67,926,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the company. OFI Invest Asset Management acquired a new position in Cadence Design Systems during the third quarter worth $26,000. Valley National Advisers Inc. grew its holdings in shares of Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker's stock valued at $26,000 after acquiring an additional 47 shares in the last quarter. Fortitude Family Office LLC bought a new stake in Cadence Design Systems during the fourth quarter worth about $28,000. Annapolis Financial Services LLC acquired a new position in Cadence Design Systems during the first quarter valued at approximately $32,000. Finally, Union Savings Bank bought a new position in Cadence Design Systems in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares of the company's stock, valued at approximately $6,544,496.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $310,460.00. Following the completion of the sale, the vice president now directly owns 68,144 shares in the company, valued at approximately $21,155,986.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Karna Nisewaner sold 600 shares of the company's stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders have sold a total of 174,566 shares of company stock valued at $52,649,105 over the last 90 days. 1.99% of the stock is owned by insiders.

Cadence Design Systems Price Performance

NASDAQ CDNS traded up $5.19 during trading on Friday, hitting $281.63. 1,371,195 shares of the company's stock were exchanged, compared to its average volume of 1,806,029. The company has a market cap of $76.64 billion, a PE ratio of 73.34, a P/E/G ratio of 3.25 and a beta of 1.06. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The stock's 50 day moving average price is $302.02 and its two-hundred day moving average price is $282.12. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. The business's revenue for the quarter was down 1.2% compared to the same quarter last year. Research analysts expect that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Stifel Nicolaus increased their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, February 13th. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 16th. Piper Sandler dropped their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating on the stock in a report on Tuesday, April 23rd. KeyCorp lifted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an "overweight" rating in a report on Monday, April 15th. Finally, Robert W. Baird upped their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an "outperform" rating in a research note on Thursday, April 18th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems has an average rating of "Moderate Buy" and a consensus price target of $326.11.

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.