Independent Advisor Alliance Sells 464 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Independent Advisor Alliance lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 3,196 shares of the software maker’s stock after selling 464 shares during the period. Independent Advisor Alliance’s holdings in Cadence Design Systems were worth $813,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Smallwood Wealth Investment Management LLC bought a new stake in shares of Cadence Design Systems during the first quarter valued at approximately $25,000. Costello Asset Management INC bought a new position in Cadence Design Systems in the first quarter worth approximately $25,000. Valley National Advisers Inc. raised its stake in Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock worth $28,000 after buying an additional 99 shares in the last quarter. Ancora Advisors LLC raised its stake in 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 in the last quarter. Finally, Meeder Asset Management Inc. raised its stake in Cadence Design Systems by 36.5% in the first quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker’s stock worth $44,000 after buying an additional 46 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the sale, the director directly owned 8,010 shares of the company’s stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $358.72, for a total transaction of $358,720.00. Following the completion of the sale, the vice president directly owned 104,499 shares in the company, valued at approximately $37,485,881.28. The trade was a 0.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,698 shares of company stock valued at $1,485,387 over the last ninety days. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

Shares of CDNS opened at $349.12 on Thursday. The firm has a market capitalization of $95.13 billion, a PE ratio of 94.36, a price-to-earnings-growth ratio of 4.64 and a beta of 0.97. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The company’s fifty day moving average price is $322.77 and its 200-day moving average price is $293.26.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.09. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.28 earnings per share. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CDNS shares. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $365.00 to $405.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 29th. Mizuho boosted their price objective on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 29th. Wall Street Zen downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, July 20th. Bank of America lifted their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Finally, Stifel Nicolaus lifted their price target on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $364.33.

Cadence Design Systems Company 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.