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

Parallel Advisors LLC lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,534 shares of the software maker’s stock after selling 240 shares during the quarter. Parallel Advisors LLC’s holdings in Cadence Design Systems were worth $1,916,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Principal Financial Group Inc. increased its stake in Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after purchasing an additional 216,075 shares during the period. Pittenger & Anderson Inc. increased its stake in Cadence Design Systems by 50.1% during the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after purchasing an additional 1,766 shares during the period. Meridiem Investment Management Ltd. increased its stake in Cadence Design Systems by 64.3% during the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after purchasing an additional 306,887 shares during the period. Park Square Financial Group LLC purchased a new stake in Cadence Design Systems during the fourth quarter worth about $348,000. Finally, Citizens Financial Group Inc. RI increased its stake in Cadence Design Systems by 80.6% during the fourth quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker’s stock worth $2,421,000 after purchasing an additional 3,595 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $284.63 on Friday. The firm has a market capitalization of $77.72 billion, a P/E ratio of 73.74, a P/E/G ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm’s 50 day moving average is $282.83 and its two-hundred day moving average is $287.52.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm’s revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.17 earnings per share. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity

In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares of the company’s stock, valued at $2,038,025. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the sale, the chief executive officer now directly owns 209,548 shares of the company’s stock, valued at approximately $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,445 shares of company stock valued at $5,594,127. 1.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CDNS has been the topic of a number of recent research reports. Bank of America boosted their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Loop Capital cut their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Wall Street Zen lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 29th. Finally, Robert W. Baird upped their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned 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 $325.23.

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.