Livforsakringsbolaget Skandia Omsesidigt Sells 300 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Livforsakringsbolaget Skandia Omsesidigt reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 2,036 shares of the software maker’s stock after selling 300 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Cadence Design Systems were worth $518,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems during the 4th quarter worth about $28,000. Ancora Advisors LLC raised its holdings in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co bought a new stake in Cadence Design Systems during the 4th quarter worth about $39,000. OFI Invest Asset Management bought a new stake in Cadence Design Systems during the 4th quarter worth about $46,000. Finally, Synergy Investment Management LLC bought a new stake in Cadence Design Systems during the 4th quarter worth about $50,000. 84.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Rosenblatt Securities upped their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research note on Tuesday, April 29th. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Piper Sandler increased their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. KeyCorp increased their price target on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Finally, Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $325.23.

Insider Buying and Selling

In other news, Director James D. Plummer sold 868 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the transaction, the director now directly owns 23,996 shares of the company’s stock, valued at $7,677,520.20. This trade represents a 3.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $285.97, for a total transaction of $185,880.50. Following the transaction, the vice president now directly owns 107,499 shares of the company’s stock, valued at $30,741,489.03. This represents a 0.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,445 shares of company stock valued at $5,615,733. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $301.66 on Tuesday. The business has a 50 day simple moving average of $287.12 and a 200 day simple moving average of $287.20. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. 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 stock has a market cap of $82.37 billion, a price-to-earnings ratio of 78.15, a PEG ratio of 3.88 and a beta of 0.98.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. 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 EPS. Cadence Design Systems’s revenue for the quarter was up 23.1% compared to the same quarter last year. Analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.