Gallacher Capital Management LLC Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Gallacher Capital Management LLC reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,235 shares of the software maker’s stock after selling 81 shares during the period. Gallacher Capital Management LLC’s holdings in Cadence Design Systems were worth $384,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of CDNS. Ulland Investment Advisors LLC purchased a new position in shares of Cadence Design Systems during the first quarter valued at approximately $25,000. RiverPark Advisors LLC purchased a new position in shares of Cadence Design Systems during the first quarter valued at approximately $26,000. Valley National Advisers Inc. increased its stake in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares during the period. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $28,000. Finally, Annapolis Financial Services LLC purchased a new position in shares of Cadence Design Systems during the first quarter valued at approximately $32,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CDNS shares. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Wells Fargo & Company lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Robert W. Baird lifted their price target on Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a research report on Tuesday, July 2nd. Finally, KeyCorp lifted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $334.89.

Cadence Design Systems Stock Up 0.4 %

Cadence Design Systems stock traded up $1.26 during mid-day trading on Friday, hitting $315.33. The company had a trading volume of 262,363 shares, compared to its average volume of 1,525,313. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average price is $301.16 and its two-hundred day moving average price is $296.36. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The company has a market capitalization of $85.90 billion, a PE ratio of 81.79, a price-to-earnings-growth ratio of 3.91 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping 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 business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the company posted $1.02 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the transaction, the senior vice president now owns 19,280 shares in the company, valued at $5,933,420. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the transaction, the vice president now owns 67,144 shares in the company, valued at $18,488,771.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the transaction, the senior vice president now owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,134 shares of company stock valued at $14,978,483. 1.99% of the stock is currently owned by corporate insiders.

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.