David J Yvars Group Sells 588 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

David J Yvars Group cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,103 shares of the software maker’s stock after selling 588 shares during the period. Cadence Design Systems accounts for about 2.0% of David J Yvars Group’s investment portfolio, making the stock its 16th biggest holding. David J Yvars Group’s holdings in Cadence Design Systems were worth $3,336,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of CDNS. Oppenheimer & Co. Inc. grew its holdings in Cadence Design Systems by 7.8% during the second quarter. Oppenheimer & Co. Inc. now owns 5,237 shares of the software maker’s stock worth $1,612,000 after purchasing an additional 377 shares during the period. HBK Sorce Advisory LLC acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth approximately $331,000. Oppenheimer Asset Management Inc. raised its stake in Cadence Design Systems by 17.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 25,988 shares of the software maker’s stock valued at $7,998,000 after acquiring an additional 3,824 shares during the period. Envestnet Asset Management Inc. boosted its position in Cadence Design Systems by 8.5% during the second quarter. Envestnet Asset Management Inc. now owns 629,440 shares of the software maker’s stock worth $193,710,000 after purchasing an additional 49,399 shares during the period. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Cadence Design Systems by 72.5% in the second quarter. Brown Brothers Harriman & Co. now owns 2,856 shares of the software maker’s stock valued at $879,000 after purchasing an additional 1,200 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $292.50 on Tuesday. The company has a 50 day moving average of $304.26 and a 200-day moving average of $285.30. The company has a market cap of $80.22 billion, a PE ratio of 76.77, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the business posted $1.01 EPS. The company’s revenue was up 18.8% compared to the same quarter last year. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the sale, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock worth $33,528,267 over the last 90 days. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CDNS. Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Berenberg Bank assumed coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Wells Fargo & Company started coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Robert W. Baird increased their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $329.50.

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.