Envestnet Portfolio Solutions Inc. Sells 7,262 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Envestnet Portfolio Solutions Inc. trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 21.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,807 shares of the software maker’s stock after selling 7,262 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Cadence Design Systems were worth $6,818,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CDNS. Ancora Advisors LLC raised its holdings in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after buying an additional 112 shares during the period. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $39,000. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $46,000. Synergy Investment Management LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $50,000. Finally, Intact Investment Management Inc. purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $60,000. 84.85% of the stock is owned by institutional investors.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the sale, the vice president now owns 28,442 shares of the company’s stock, valued at approximately $8,532,600. The trade was a 14.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction dated 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 position. The disclosure for this sale can be found here. Insiders sold 19,625 shares of company stock valued at $5,972,453 in the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Down 0.5%

Shares of NASDAQ CDNS opened at $295.40 on Friday. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $80.66 billion, a PE ratio of 74.78, a price-to-earnings-growth ratio of 4.11 and a beta of 0.98. The stock’s fifty day simple moving average is $296.88 and its two-hundred day simple moving average is $287.01. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $326.19.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.17 EPS. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on CDNS shares. KeyCorp raised their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. Robert W. Baird raised 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. Rosenblatt Securities raised their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday, April 29th. Bank of America raised their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.