Brighton Jones LLC Sells 65 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brighton Jones LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.4% in the fourth quarter, Holdings Channel reports. The firm owned 814 shares of the software maker’s stock after selling 65 shares during the quarter. Brighton Jones LLC’s holdings in Cadence Design Systems were worth $222,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale boosted its stake in shares of Cadence Design Systems by 34.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after acquiring an additional 99,251 shares during the period. Miracle Mile Advisors LLC bought a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $934,000. Pacer Advisors Inc. lifted its holdings in Cadence Design Systems by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after purchasing an additional 3,484 shares during the last quarter. Patton Fund Management Inc. acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $55,443,000. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CDNS. Wells Fargo & Company lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday, April 19th. Piper Sandler dropped their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday. Finally, KeyCorp lifted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $326.11.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the transaction, the director now owns 53,183 shares in the company, valued at approximately $15,924,053.86. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the sale, the director now owns 53,183 shares in the company, valued at approximately $15,924,053.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now owns 61,150 shares in the company, valued at approximately $18,583,485. The disclosure for this sale can be found here. In the last quarter, insiders have sold 174,566 shares of company stock worth $52,649,105. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $281.63 on Friday. The stock has a market capitalization of $76.64 billion, a PE ratio of 73.34, a P/E/G ratio of 3.25 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The business has a fifty day moving average price of $302.46 and a two-hundred day moving average price of $281.91. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the firm earned $1.02 EPS. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal 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.