CVA Family Office LLC Lowers Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

CVA Family Office LLC cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 33.6% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 298 shares of the software maker’s stock after selling 151 shares during the quarter. CVA Family Office LLC’s holdings in Cadence Design Systems were worth $76,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Accredited Investors Inc. boosted its holdings in Cadence Design Systems by 1.7% during the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker’s stock worth $654,000 after buying an additional 36 shares in the last quarter. Principal Street Partners LLC boosted its holdings in Cadence Design Systems by 2.6% during the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker’s stock worth $437,000 after buying an additional 37 shares in the last quarter. Lindbrook Capital LLC boosted its holdings in Cadence Design Systems by 1.7% during the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after buying an additional 38 shares in the last quarter. Oarsman Capital Inc. boosted its holdings in Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker’s stock worth $313,000 after buying an additional 38 shares in the last quarter. Finally, Empower Advisory Group LLC boosted its holdings in Cadence Design Systems by 4.9% during the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after buying an additional 41 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the firm’s 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 completion of the sale, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer now owns 209,548 shares of the company’s stock, valued at approximately $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,625 shares of company stock worth $5,670,453. Insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CDNS shares. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Rosenblatt Securities increased their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a report on Tuesday, April 29th. Oppenheimer decreased their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Mizuho increased their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. Finally, Loop Capital decreased their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock 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 given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $325.23.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $300.00 on Monday. The firm has a 50-day simple moving average of $292.59 and a 200-day simple moving average of $287.12. The stock has a market capitalization of $81.91 billion, a price-to-earnings ratio of 77.72, a price-to-earnings-growth ratio of 3.88 and a beta of 0.98. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the business earned $1.17 earnings per share. The company’s quarterly revenue was up 23.1% compared to the same quarter last year. On average, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.