Elevation Point Wealth Partners LLC Sells 325 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Elevation Point Wealth Partners LLC lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 17.7% during the first quarter, Holdings Channel reports. The firm owned 1,508 shares of the software maker’s stock after selling 325 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Cadence Design Systems were worth $384,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CDNS. Vanguard Group Inc. increased its position in shares of Cadence Design Systems by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock valued at $7,784,674,000 after acquiring an additional 201,340 shares during the last quarter. FMR LLC increased its position in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after acquiring an additional 639,146 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Cadence Design Systems by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock valued at $1,806,019,000 after acquiring an additional 135,251 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after acquiring an additional 632,175 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Cadence Design Systems by 5.2% during the fourth quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker’s stock valued at $1,448,718,000 after acquiring an additional 238,535 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Mizuho raised their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Rosenblatt Securities raised their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 29th. Wells Fargo & Company raised their target price on Cadence Design Systems from $350.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Finally, KeyCorp raised their target price on Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $325.23.

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the sale, the director now owns 8,010 shares of the company’s stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $285.97, for a total value of $185,880.50. Following the sale, the vice president now directly owns 107,499 shares of the company’s stock, valued at $30,741,489.03. This represents a 0.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,625 shares of company stock valued at $5,670,453 over the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $300.81 on Tuesday. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The business has a fifty day moving average price of $293.97 and a 200-day moving average price of $287.08. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm has a market capitalization of $82.13 billion, a P/E ratio of 77.93, a PEG ratio of 3.88 and a beta of 0.98.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the company earned $1.17 earnings per share. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.