Miracle Mile Advisors LLC Sells 2,880 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Miracle Mile Advisors LLC reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 42.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,944 shares of the software maker’s stock after selling 2,880 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Cadence Design Systems were worth $1,003,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new stake in Cadence Design Systems during the 4th quarter valued at $1,170,209,000. GAMMA Investing LLC raised its stake in shares of 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 acquiring an additional 1,214,330 shares during the last quarter. Schroder Investment Management Group boosted its holdings in shares of 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 worth $623,105,000 after purchasing an additional 716,041 shares during the period. FMR LLC grew its stake in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in Cadence Design Systems by 12.5% during the 4th 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 during the period. 84.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CDNS. Piper Sandler lifted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Rosenblatt Securities raised their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 29th. Mizuho boosted their price target 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. Finally, Loop Capital lowered their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $325.23.

Cadence Design Systems Trading Up 1.6%

NASDAQ CDNS opened at $301.66 on Tuesday. The company’s 50-day simple moving average is $287.12 and its two-hundred day simple moving average is $287.20. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The company has a market capitalization of $82.37 billion, a price-to-earnings ratio of 78.15, a price-to-earnings-growth ratio of 3.88 and a beta of 0.98. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. The business 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 22.74% and a return on equity of 29.24%. The company’s revenue was up 23.1% compared to the same quarter last year. During the same period last year, the business earned $1.17 EPS. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, Director James D. Plummer sold 868 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director now directly owns 23,996 shares of the company’s stock, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the sale, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. The trade was a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,445 shares of company stock worth $5,615,733. 1.99% of the stock is owned by corporate insiders.

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.