Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,100 shares of the software maker’s stock after selling 800 shares during the period. Cornerstone Advisors LLC’s holdings in Cadence Design Systems were worth $965,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. OneAscent Financial Services LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $313,000. OneAscent Wealth Management LLC acquired a new stake in Cadence Design Systems in the 4th quarter worth about $252,000. Fortitude Family Office LLC purchased a new stake in Cadence Design Systems in the 4th quarter valued at about $28,000. Everhart Financial Group Inc. increased its stake in shares of Cadence Design Systems by 41.8% during the 4th quarter. Everhart Financial Group Inc. now owns 3,285 shares of the software maker’s stock valued at $895,000 after acquiring an additional 968 shares during the last quarter. Finally, Kure Advisory LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter worth about $214,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on CDNS. Wells Fargo & Company upped their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. Piper Sandler reissued a “neutral” rating and set a $318.00 price target on shares of Cadence Design Systems in a research report on Wednesday, July 10th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, Bank of America boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $334.89.

Cadence Design Systems Stock Up 0.8 %

Shares of Cadence Design Systems stock traded up $2.12 during trading hours on Friday, hitting $279.95. 2,607,527 shares of the company’s stock traded hands, compared to its average volume of 1,519,109. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99. The stock has a 50 day simple moving average of $302.82 and a 200-day simple moving average of $297.62. The company has a market cap of $76.26 billion, a PE ratio of 72.90, a PEG ratio of 3.43 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.02 earnings per share. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now owns 49,551 shares of the company’s stock, valued at approximately $14,228,074.14. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock valued at $14,987,093 in the last quarter. Company insiders own 1.99% of the company’s stock.

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.