Ignite Planners LLC Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ignite Planners LLC cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 23.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 959 shares of the software maker’s stock after selling 301 shares during the period. Ignite Planners LLC’s holdings in Cadence Design Systems were worth $218,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. AllSquare Wealth Management LLC acquired a new position in Cadence Design Systems during the first quarter worth $27,000. Barrett & Company Inc. acquired a new position in shares of Cadence Design Systems in the first quarter worth $30,000. ST Germain D J Co. Inc. acquired a new position in shares of Cadence Design Systems in the fourth quarter worth $32,000. AdvisorNet Financial Inc raised its holdings in shares of Cadence Design Systems by 70.5% in the first quarter. AdvisorNet Financial Inc now owns 150 shares of the software maker’s stock worth $32,000 after acquiring an additional 62 shares during the last quarter. Finally, Altshuler Shaham Ltd acquired a new position in shares of Cadence Design Systems in the first quarter worth $32,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Aneel Zaman sold 271 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $227.85, for a total transaction of $61,747.35. Following the sale, the vice president now owns 68,471 shares in the company, valued at $15,601,117.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Aneel Zaman sold 271 shares of the stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $227.85, for a total transaction of $61,747.35. Following the sale, the vice president now directly owns 68,471 shares in the company, valued at approximately $15,601,117.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James D. Plummer sold 4,406 shares of the stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $238.54, for a total value of $1,051,007.24. Following the sale, the director now owns 25,335 shares in the company, valued at $6,043,410.90. The disclosure for this sale can be found here. Insiders have sold 70,511 shares of company stock worth $16,268,306 over the last quarter. 1.67% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CDNS. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price target on shares of Cadence Design Systems in a report on Friday, August 25th. Wells Fargo & Company upped their target price on Cadence Design Systems from $250.00 to $270.00 and gave the company an “overweight” rating in a research note on Tuesday, July 18th. Robert W. Baird upped their target price on Cadence Design Systems from $253.00 to $257.00 in a research note on Tuesday, July 25th. Needham & Company LLC reissued a “buy” rating and set a $235.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 25th. Finally, KeyCorp boosted their price target on Cadence Design Systems from $270.00 to $290.00 and gave the company an “overweight” rating in a research report on Thursday, September 14th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $257.44.

Cadence Design Systems Trading Up 1.2 %

Shares of CDNS opened at $236.83 on Tuesday. The company has a market capitalization of $64.37 billion, a P/E ratio of 72.65, a P/E/G ratio of 3.12 and a beta of 1.03. Cadence Design Systems, Inc. has a one year low of $138.76 and a one year high of $248.16. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.26 and a current ratio of 1.37. The stock has a 50-day moving average price of $234.76 and a 200 day moving average price of $221.95.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 24th. The software maker reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.04. Cadence Design Systems had a return on equity of 33.79% and a net margin of 23.41%. The firm had revenue of $977.00 million for the quarter, compared to analysts’ expectations of $975.99 million. During the same quarter in the prior year, the firm posted $0.85 earnings per share. Cadence Design Systems’s revenue for the quarter was up 13.9% compared to the same quarter last year. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.1 EPS 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.