Progressive Investment Management Corp Sells 328 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Progressive Investment Management Corp lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,027 shares of the software maker’s stock after selling 328 shares during the period. Cadence Design Systems makes up 1.2% of Progressive Investment Management Corp’s portfolio, making the stock its 27th biggest position. Progressive Investment Management Corp’s holdings in Cadence Design Systems were worth $4,515,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CDNS. Principal Financial Group Inc. boosted its stake in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after buying an additional 501,833 shares in the last quarter. Cerity Partners LLC boosted its stake in shares of Cadence Design Systems by 27.9% in the 3rd quarter. Cerity Partners LLC now owns 15,225 shares of the software maker’s stock valued at $4,126,000 after purchasing an additional 3,320 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Cadence Design Systems by 150.0% in the 3rd quarter. Larson Financial Group LLC now owns 500 shares of the software maker’s stock valued at $136,000 after purchasing an additional 300 shares in the last quarter. Private Trust Co. NA lifted its holdings in Cadence Design Systems by 16.2% during the 3rd quarter. Private Trust Co. NA now owns 733 shares of the software maker’s stock valued at $199,000 after purchasing an additional 102 shares during the last quarter. Finally, D.A. Davidson & CO. boosted its position in Cadence Design Systems by 17.1% in the third quarter. D.A. Davidson & CO. now owns 1,644 shares of the software maker’s stock valued at $446,000 after buying an additional 240 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $256.69 on Friday. The firm has a fifty day moving average of $274.55 and a two-hundred day moving average of $284.19. 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 capitalization of $70.36 billion, a price-to-earnings ratio of 66.50, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CDNS shares. Robert W. Baird cut their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Bank of America cut their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Loop Capital decreased their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $324.83.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. The trade was a 9.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by company insiders.

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.