American Trust Sells 170 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

American Trust lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,094 shares of the software maker’s stock after selling 170 shares during the quarter. American Trust’s holdings in Cadence Design Systems were worth $341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Parkside Financial Bank & Trust raised its position in Cadence Design Systems by 8.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after acquiring an additional 38 shares during the period. Highview Capital Management LLC DE raised its position in Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after acquiring an additional 39 shares during the period. Fiduciary Trust Co raised its position in Cadence Design Systems by 0.6% in the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after acquiring an additional 39 shares during the period. GraniteShares Advisors LLC raised its position in Cadence Design Systems by 1.2% in the first quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock worth $1,080,000 after acquiring an additional 40 shares during the period. Finally, Inspire Advisors LLC increased its stake in shares of Cadence Design Systems by 1.8% in the first quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after purchasing an additional 40 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $287.31, for a total transaction of $172,386.00. Following the sale, the senior vice president now directly owns 19,880 shares of the company’s stock, valued at approximately $5,711,722.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $287.31, for a total transaction of $172,386.00. Following the transaction, the senior vice president now owns 19,880 shares in the company, valued at approximately $5,711,722.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now owns 49,551 shares in the company, valued at approximately $14,228,074.14. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,534 shares of company stock valued at $14,546,517. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Down 4.3 %

Shares of NASDAQ:CDNS traded down $11.18 during midday trading on Friday, reaching $249.63. The company’s stock had a trading volume of 4,742,041 shares, compared to its average volume of 2,325,783. The firm has a 50 day moving average of $297.63 and a 200-day moving average of $297.68. The firm has a market capitalization of $68.35 billion, a P/E ratio of 65.01, a PEG ratio of 3.14 and a beta of 1.03. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.94 EPS. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current year.

Analysts Set New Price Targets

CDNS has been the subject of several recent analyst reports. Bank of America boosted 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 note on Thursday, May 30th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. KeyCorp boosted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Robert W. Baird reduced their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $334.56.

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.