Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.5% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 4,823,804 shares of the software maker’s stock after selling 447,866 shares during the quarter. Price T Rowe Associates Inc. MD owned about 1.77% of Cadence Design Systems worth $1,501,554,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ulland Investment Advisors LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at about $25,000. RiverPark Advisors LLC purchased a new position in shares of Cadence Design Systems in the 1st quarter valued at about $26,000. Valley National Advisers Inc. increased its stake 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 purchasing an additional 47 shares in the last quarter. Annapolis Financial Services LLC purchased a new position in shares of Cadence Design Systems in the 1st quarter valued at about $32,000. Finally, Hollencrest Capital Management increased its stake in shares of Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after purchasing an additional 102 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded up $0.41 on Friday, hitting $258.79. 2,605,433 shares of the company were exchanged, compared to its average volume of 1,908,584. Cadence Design Systems, Inc. has a 1-year low of $217.77 and a 1-year high of $328.99. The stock has a market capitalization of $70.86 billion, a price-to-earnings ratio of 67.39, a price-to-earnings-growth ratio of 3.11 and a beta of 1.03. The company has a 50-day moving average price of $301.12 and a 200 day moving average price of $298.06. The company has a quick ratio of 1.19, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the firm posted $0.94 earnings per share. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares in the company, valued at $18,488,771.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares in the company, valued at $18,488,771.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the transaction, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,134 shares of company stock worth $14,987,093. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CDNS shares. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Piper Sandler reiterated a “neutral” rating and set a $318.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, July 10th. KeyCorp boosted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

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.