Brighton Jones LLC Sells 516 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brighton Jones LLC lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 34.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,003 shares of the software maker’s stock after selling 516 shares during the quarter. Brighton Jones LLC’s holdings in Cadence Design Systems were worth $255,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CDNS. Norges Bank purchased a new position in shares of Cadence Design Systems in the fourth quarter worth $1,170,209,000. GAMMA Investing LLC raised its stake in Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock valued at $309,835,000 after purchasing an additional 1,214,330 shares in the last quarter. Schroder Investment Management Group raised its stake in Cadence Design Systems by 53.1% during the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after purchasing an additional 716,041 shares in the last quarter. FMR LLC raised its stake in 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 purchasing an additional 639,146 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in 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 purchasing an additional 632,175 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CDNS shares. Oppenheimer decreased their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Loop Capital decreased their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their price target for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Finally, Mizuho boosted their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $325.23.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares in the company, valued at $27,486,979.36. This represents a 0.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the sale, the director now directly owns 7,411 shares of the company’s stock, valued at approximately $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,625 shares of company stock worth $5,972,453 in the last three months. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.7%

NASDAQ CDNS opened at $296.84 on Thursday. The company’s 50-day moving average price is $295.30 and its 200-day moving average price is $287.23. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The stock has a market cap of $81.05 billion, a PE ratio of 75.15, a PEG ratio of 4.14 and a beta of 0.98. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99.

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. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.17 earnings per share. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.