Financial Counselors Inc. Sells 57 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Financial Counselors Inc. lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 1.9% in the first quarter, Holdings Channel reports. The firm owned 3,020 shares of the software maker’s stock after selling 57 shares during the period. Financial Counselors Inc.’s holdings in Cadence Design Systems were worth $940,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of CDNS. Ulland Investment Advisors LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at $25,000. Valley National Advisers Inc. boosted its holdings in Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares during the last quarter. Fortitude Family Office LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at about $28,000. Annapolis Financial Services LLC bought a new position in shares of Cadence Design Systems during the 1st quarter valued at about $32,000. Finally, Hollencrest Capital Management lifted its holdings in shares of Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after purchasing an additional 102 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CDNS. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. Robert W. Baird lifted their target price on Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 2nd. Wells Fargo & Company upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $334.89.

Check Out Our Latest Analysis on Cadence Design Systems

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $315.26 on Wednesday. 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 company has a market capitalization of $85.88 billion, a PE ratio of 82.10, a P/E/G ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The stock has a 50-day moving average price of $299.50 and a two-hundred day moving average price of $296.07.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the company earned $1.02 earnings per share. The firm’s revenue was down 1.2% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Insiders sold 50,134 shares of company stock valued at $14,978,483 over the last 90 days. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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