Summit Trail Advisors LLC Sells 146 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Summit Trail Advisors LLC decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,666 shares of the software maker’s stock after selling 146 shares during the quarter. Summit Trail Advisors LLC’s holdings in Cadence Design Systems were worth $454,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CDNS. Cambridge Investment Research Advisors Inc. lifted its position in Cadence Design Systems by 14.0% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 15,386 shares of the software maker’s stock valued at $3,605,000 after purchasing an additional 1,893 shares during the period. Brighton Jones LLC acquired a new position in Cadence Design Systems during the 3rd quarter valued at about $206,000. Strs Ohio lifted its position in Cadence Design Systems by 5.1% during the 3rd quarter. Strs Ohio now owns 81,008 shares of the software maker’s stock valued at $18,980,000 after purchasing an additional 3,949 shares during the period. IFM Investors Pty Ltd raised its position in shares of Cadence Design Systems by 1.6% in the 3rd quarter. IFM Investors Pty Ltd now owns 56,623 shares of the software maker’s stock valued at $13,267,000 after acquiring an additional 898 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Cadence Design Systems by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 349,221 shares of the software maker’s stock valued at $81,822,000 after acquiring an additional 40,889 shares during the period. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on CDNS. Robert W. Baird raised their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Piper Sandler decreased their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Stifel Nicolaus raised their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $326.11.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $310,460.00. Following the transaction, the vice president now directly owns 68,144 shares in the company, valued at $21,155,986.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 173,066 shares of company stock worth $52,199,975. 0.62% of the stock is owned by company insiders.

Cadence Design Systems Stock Up 0.8 %

Shares of NASDAQ:CDNS traded up $2.20 during trading on Tuesday, reaching $287.39. 333,624 shares of the stock were exchanged, compared to its average volume of 1,561,661. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. Cadence Design Systems, Inc. has a 1-year low of $198.92 and a 1-year high of $327.36. The stock has a fifty day moving average of $301.65 and a two-hundred day moving average of $282.88. The firm has a market cap of $78.21 billion, a price-to-earnings ratio of 74.27, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results 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 return on equity of 32.44% and a net margin of 25.68%. Cadence Design Systems’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.02 earnings per share. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.78 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.