Everhart Financial Group Inc. Sells 88 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Everhart Financial Group Inc. trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,848 shares of the software maker’s stock after selling 88 shares during the period. Everhart Financial Group Inc.’s holdings in Cadence Design Systems were worth $979,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Cadence Design Systems by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock valued at $7,784,674,000 after acquiring an additional 201,340 shares in the last quarter. FMR LLC boosted its holdings in shares of Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after buying an additional 639,146 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Cadence Design Systems by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock valued at $1,806,019,000 after buying an additional 135,251 shares in the last quarter. Alliancebernstein L.P. raised its position in Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after acquiring an additional 632,175 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in Cadence Design Systems by 5.2% in the fourth quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker’s stock valued at $1,448,718,000 after acquiring an additional 238,535 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Loop Capital dropped 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 report on Wednesday, February 19th. Bank of America increased their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Oppenheimer dropped their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. KeyCorp upped their price target on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research note on Thursday, May 15th. Finally, Robert W. Baird boosted their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $325.23.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the transaction, the director now owns 8,010 shares of the company’s stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the sale, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. This represents a 0.59% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,625 shares of company stock worth $5,670,453. Insiders own 0.37% of the company’s stock.

Cadence Design Systems Trading Up 0.2%

Shares of CDNS stock opened at $307.85 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The company has a market cap of $84.06 billion, a PE ratio of 79.75, a P/E/G ratio of 3.88 and a beta of 0.99. The stock’s fifty day moving average price is $291.22 and its two-hundred day moving average price is $287.43.

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

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.