Brighton Jones LLC Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brighton Jones LLC reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 34.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 1,003 shares of the software maker’s stock after selling 516 shares during the period. Brighton Jones LLC’s holdings in Cadence Design Systems were worth $255,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Exchange Traded Concepts LLC raised its position in Cadence Design Systems by 45.6% during the 1st quarter. Exchange Traded Concepts LLC now owns 70,891 shares of the software maker’s stock worth $18,030,000 after buying an additional 22,204 shares during the last quarter. Factory Mutual Insurance Co. raised its position in Cadence Design Systems by 18.7% during the 1st quarter. Factory Mutual Insurance Co. now owns 208,971 shares of the software maker’s stock worth $53,148,000 after buying an additional 32,900 shares during the last quarter. Dynamic Advisor Solutions LLC raised its position in Cadence Design Systems by 9.5% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 3,613 shares of the software maker’s stock worth $919,000 after buying an additional 313 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in Cadence Design Systems during the 1st quarter worth approximately $78,000. Finally, BNC Wealth Management LLC raised its position in Cadence Design Systems by 0.8% during the 1st quarter. BNC Wealth Management LLC now owns 23,105 shares of the software maker’s stock worth $5,876,000 after buying an additional 174 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the sale, the vice president now owns 28,442 shares of the company’s stock, valued at $8,532,600. The trade was a 14.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Friday, June 13th. The stock was sold at an average price of $302.00, for a total transaction of $302,000.00. Following the sale, the vice president now directly owns 106,499 shares in the company, valued at approximately $32,162,698. This trade represents a 0.93% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,625 shares of company stock valued at $5,972,453. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $296.84 on Thursday. The company’s fifty day moving average price is $295.30 and its 200 day moving average price is $287.23. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The stock has a market capitalization of $81.05 billion, a P/E ratio of 75.15, a P/E/G ratio of 4.14 and a beta of 0.98. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the company earned $1.17 EPS. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CDNS shares. Loop Capital reduced their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Oppenheimer cut their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. KeyCorp lifted their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a report on Thursday, May 15th. Rosenblatt Securities lifted their target price 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. Finally, Piper Sandler lifted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $325.23.

About Cadence Design Systems

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.