Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Decreased by Brighton Jones LLC

Brighton Jones LLC cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 814 shares of the software maker’s stock after selling 65 shares during the period. Brighton Jones LLC’s holdings in Cadence Design Systems were worth $222,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Cambridge Investment Research Advisors Inc. raised its stake in shares of Cadence Design Systems by 14.0% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 15,386 shares of the software maker’s stock valued at $3,605,000 after acquiring an additional 1,893 shares in the last quarter. Raymond James & Associates raised its stake in shares of Cadence Design Systems by 5.5% in the 3rd quarter. Raymond James & Associates now owns 206,566 shares of the software maker’s stock valued at $48,398,000 after acquiring an additional 10,840 shares in the last quarter. Stratos Wealth Partners LTD. raised its stake in shares of Cadence Design Systems by 10.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 11,477 shares of the software maker’s stock valued at $2,689,000 after acquiring an additional 1,070 shares in the last quarter. NorthRock Partners LLC raised its stake in shares of Cadence Design Systems by 13.8% in the 3rd quarter. NorthRock Partners LLC now owns 982 shares of the software maker’s stock valued at $230,000 after acquiring an additional 119 shares in the last quarter. Finally, Forsta AP Fonden raised its stake in shares of Cadence Design Systems by 1.2% in the 3rd quarter. Forsta AP Fonden now owns 56,800 shares of the software maker’s stock valued at $13,308,000 after acquiring an additional 700 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $281.63 on Friday. The business has a fifty day simple moving average of $302.46 and a 200 day simple moving average of $281.91. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $76.64 billion, a price-to-earnings ratio of 73.34, a PEG ratio of 3.25 and a beta of 1.06. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. Cadence Design Systems’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.02 earnings per share. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CDNS shares. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. KeyCorp upped their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Robert W. Baird upped their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $326.11.

Insider Activity at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at $5,639,372.80. The sale was disclosed in a 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 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 sale, the senior vice president now directly owns 20,480 shares in the company, valued at $5,639,372.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the sale, the vice president now owns 67,144 shares in the company, valued at $18,488,771.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 174,566 shares of company stock worth $52,649,105. 1.99% of the stock is owned by corporate insiders.

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.