Cadence Design Systems, Inc. (NASDAQ:CDNS) Holdings Decreased by First Hawaiian Bank

First Hawaiian Bank lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,309 shares of the software maker’s stock after selling 614 shares during the quarter. First Hawaiian Bank’s holdings in Cadence Design Systems were worth $1,942,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Ulland Investment Advisors LLC bought a new position in Cadence Design Systems in the first quarter valued at approximately $25,000. RiverPark Advisors LLC bought a new stake in shares of Cadence Design Systems during the 1st quarter worth about $26,000. Valley National Advisers Inc. boosted its holdings in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the period. Annapolis Financial Services LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at approximately $32,000. Finally, Hollencrest Capital Management increased its position in Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after purchasing an additional 102 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded down $2.79 during trading hours on Monday, reaching $246.84. The company had a trading volume of 4,284,798 shares, compared to its average volume of 1,695,399. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The firm has a market cap of $67.59 billion, a price-to-earnings ratio of 63.99, a PEG ratio of 3.14 and a beta of 1.03. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The firm’s 50 day moving average price is $297.63 and its 200-day moving average price is $297.84.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the firm earned $0.94 earnings per share. On average, analysts forecast that Cadence Design Systems, Inc. will post 4.74 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total transaction of $430,710.00. Following the sale, the director now directly owns 49,551 shares of the company’s stock, valued at $14,228,074.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now directly owns 49,551 shares of the company’s stock, valued at approximately $14,228,074.14. The disclosure for this sale can be found here. Insiders sold 48,534 shares of company stock worth $14,546,517 over the last 90 days. Company insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CDNS shares. KeyCorp lifted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Bank of America raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Robert W. Baird dropped their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $334.56.

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.