InterOcean Capital Group LLC Sells 125 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

InterOcean Capital Group LLC reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,072 shares of the software maker’s stock after selling 125 shares during the quarter. InterOcean Capital Group LLC’s holdings in Cadence Design Systems were worth $334,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CDNS. Premier Path Wealth Partners LLC bought a new stake in Cadence Design Systems during the 4th quarter worth about $227,000. HB Wealth Management LLC grew its stake in shares of Cadence Design Systems by 8.5% during the fourth quarter. HB Wealth Management LLC now owns 2,816 shares of the software maker’s stock worth $767,000 after purchasing an additional 220 shares during the period. CHICAGO TRUST Co NA acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $216,000. Raymond James & Associates lifted its stake in Cadence Design Systems by 8.2% in the fourth quarter. Raymond James & Associates now owns 223,511 shares of the software maker’s stock valued at $60,878,000 after buying an additional 16,945 shares during the period. Finally, CVA Family Office LLC bought a new position in Cadence Design Systems during the fourth quarter worth about $77,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday. KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Bank of America upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Insider Activity

In related news, VP Chin-Chi Teng sold 32,184 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $28,379,109.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,134 shares of company stock valued at $14,987,093. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Down 3.0 %

Shares of CDNS stock traded down $7.96 during trading on Thursday, reaching $258.38. The company’s stock had a trading volume of 3,482,333 shares, compared to its average volume of 1,616,895. Cadence Design Systems, Inc. has a one year low of $217.77 and a one year high of $328.99. The business has a fifty day moving average price of $302.33 and a 200-day moving average price of $298.11. The company has a market cap of $70.39 billion, a price-to-earnings ratio of 69.36, a price-to-earnings-growth ratio of 3.46 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 31.52%. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

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.