Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Reduced by Royal Bank of Canada

Royal Bank of Canada trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 707,681 shares of the software maker’s stock after selling 79,657 shares during the period. Royal Bank of Canada’s holdings in Cadence Design Systems were worth $212,630,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CDNS. Everpar Advisors LLC bought a new stake in Cadence Design Systems in the fourth quarter worth approximately $209,000. Procyon Advisors LLC boosted its holdings in shares of Cadence Design Systems by 6.9% during the 4th quarter. Procyon Advisors LLC now owns 1,770 shares of the software maker’s stock worth $532,000 after buying an additional 115 shares during the period. Wealthcare Advisory Partners LLC boosted its holdings in shares of Cadence Design Systems by 25.0% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 1,000 shares of the software maker’s stock worth $300,000 after buying an additional 200 shares during the period. Relyea Zuckerberg Hanson LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter worth $213,000. Finally, Merit Financial Group LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter worth $667,000. 84.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday, April 29th. Bank of America upped their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Mizuho upped their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $325.23.

Cadence Design Systems Trading Up 0.9%

Shares of CDNS stock opened at $321.56 on Friday. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The stock has a market cap of $87.80 billion, a price-to-earnings ratio of 83.31, a P/E/G ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm has a fifty day moving average of $272.16 and a 200-day moving average of $286.52.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data 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 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the prior year, the company posted $1.17 EPS. The business’s revenue was up 23.1% on a year-over-year basis. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Paul Scannell sold 4,710 shares of the stock in a transaction dated 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 completion of the sale, the vice president now owns 28,442 shares in the company, valued at $8,532,600. This trade represents a 14.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the 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 $64,959,880. This trade represents a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,577 shares of company stock worth $5,316,411. 1.99% of the stock is currently 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.