Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,555 shares of the software maker’s stock after selling 100 shares during the period. Hillsdale Investment Management Inc.’s holdings in Cadence Design Systems were worth $795,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Cadence Design Systems by 1.8% in the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after acquiring an additional 437,101 shares in the last quarter. Jennison Associates LLC grew its stake in Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares in the last quarter. Norges Bank bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $1,141,059,000. Nordea Investment Management AB lifted its holdings in Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after purchasing an additional 145,351 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of Cadence Design Systems by 25.4% in the first quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock valued at $618,330,000 after purchasing an additional 402,884 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday. Piper Sandler reiterated a “neutral” rating and set a $318.00 target price on shares of Cadence Design Systems in a research note on Wednesday, July 10th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, KeyCorp lifted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the completion of the transaction, the director now directly owns 49,551 shares of the company’s stock, valued at $14,228,074.14. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares in the company, valued at approximately $5,933,420. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the 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 completion of the transaction, the director now directly owns 49,551 shares of the company’s stock, valued at approximately $14,228,074.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,134 shares of company stock worth $14,987,093. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS traded up $0.14 during midday trading on Tuesday, hitting $287.22. The company had a trading volume of 1,523,817 shares, compared to its average volume of 1,580,095. The company has a market capitalization of $78.24 billion, a PE ratio of 74.66, a P/E/G ratio of 3.43 and a beta of 1.03. 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 firm has a 50-day moving average price of $302.87 and a 200-day moving average price of $298.12. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.94 EPS. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

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.