Cadence Design Systems, Inc. (NASDAQ:CDNS) Holdings Lowered by Lyell Wealth Management LP

Lyell Wealth Management LP trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 39,593 shares of the software maker’s stock after selling 536 shares during the period. Cadence Design Systems makes up about 1.2% of Lyell Wealth Management LP’s holdings, making the stock its 26th largest position. Lyell Wealth Management LP’s holdings in Cadence Design Systems were worth $10,784,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In related news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the transaction, the vice president now owns 61,150 shares in the company, valued at approximately $18,583,485. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last three months, insiders sold 173,044 shares of company stock valued at $52,231,207. Company insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on CDNS. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Monday. KeyCorp boosted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Stifel Nicolaus boosted their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Finally, Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $316.50.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded down $4.10 during trading hours on Wednesday, hitting $277.66. 2,328,275 shares of the stock were exchanged, compared to its average volume of 1,566,116. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The company’s 50 day moving average is $304.38 and its 200 day moving average is $280.97. The firm has a market capitalization of $75.59 billion, a P/E ratio of 72.31, a P/E/G ratio of 3.47 and a beta of 1.04. Cadence Design Systems, Inc. has a one year low of $194.01 and a one year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 33.53%. Cadence Design Systems’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.02 EPS. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.81 EPS for the current 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.