Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Reduced by SVB Wealth LLC

SVB Wealth LLC decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,548 shares of the software maker’s stock after selling 625 shares during the quarter. SVB Wealth LLC’s holdings in Cadence Design Systems were worth $2,038,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Ulland Investment Advisors LLC acquired a new position in Cadence Design Systems during the 1st quarter worth $25,000. RiverPark Advisors LLC bought a new stake in Cadence Design Systems in the first quarter valued at about $26,000. Valley National Advisers Inc. raised its position in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares in the last quarter. Annapolis Financial Services LLC bought a new position in shares of Cadence Design Systems during the 1st quarter worth approximately $32,000. Finally, Hollencrest Capital Management boosted its stake in Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after buying an additional 102 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

CDNS stock traded down $0.03 during trading hours on Tuesday, hitting $259.02. 322,043 shares of the stock were exchanged, compared to its average volume of 1,614,035. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $70.92 billion, a P/E ratio of 67.46, a P/E/G ratio of 3.11 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The company has a 50-day simple moving average of $300.45 and a two-hundred day simple moving average of $298.25.

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 analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the business earned $0.94 earnings per share. Cadence Design Systems’s revenue was up 8.6% on a year-over-year basis. On average, analysts forecast that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the transaction, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the transaction, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The disclosure for this sale can be found here. Insiders sold 50,134 shares of company stock worth $14,987,093 over the last three months. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CDNS. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. KeyCorp increased their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Finally, Robert W. Baird cut their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems 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.