Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Spire Wealth Management

Spire Wealth Management lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,035 shares of the software maker’s stock after selling 1,396 shares during the quarter. Spire Wealth Management’s holdings in Cadence Design Systems were worth $5,859,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CDNS. Accredited Investors Inc. grew its holdings in Cadence Design Systems by 1.7% in the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker’s stock valued at $654,000 after purchasing an additional 36 shares during the period. Principal Street Partners LLC raised its stake in Cadence Design Systems by 2.6% during the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker’s stock worth $437,000 after purchasing an additional 37 shares during the period. Lindbrook Capital LLC boosted its holdings in shares of Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock valued at $670,000 after purchasing an additional 38 shares during the last quarter. Oarsman Capital Inc. grew its stake in shares of Cadence Design Systems by 3.8% during the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker’s stock valued at $313,000 after buying an additional 38 shares during the period. Finally, Cohen & Steers Inc. grew its stake in shares of Cadence Design Systems by 5.7% during the 4th quarter. Cohen & Steers Inc. now owns 774 shares of the software maker’s stock valued at $233,000 after buying an additional 42 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CDNS shares. KeyCorp lifted their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a report on Thursday, May 15th. Mizuho boosted their price target on Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Rosenblatt Securities increased their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research report on Tuesday, April 29th. Bank of America lifted their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Finally, Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $325.23.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer now owns 209,548 shares of the company’s stock, valued at $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director James D. Plummer sold 868 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director now directly owns 23,996 shares in the company, valued at $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,625 shares of company stock valued at $5,972,453 in the last quarter. Insiders own 0.37% of the company’s stock.

Cadence Design Systems Stock Up 1.1%

CDNS stock opened at $296.80 on Wednesday. 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 firm has a 50 day simple moving average of $298.19 and a 200-day simple moving average of $286.60. The company has a market capitalization of $81.04 billion, a P/E ratio of 75.14, a PEG ratio of 4.07 and a beta of 0.98. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $326.19.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period last year, the business earned $1.17 EPS. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share 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.