E. Ohman J or Asset Management AB Sells 400 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

E. Ohman J or Asset Management AB lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,000 shares of the software maker’s stock after selling 400 shares during the quarter. E. Ohman J or Asset Management AB’s holdings in Cadence Design Systems were worth $3,052,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CDNS. Brighton Jones LLC grew its stake in shares of Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after purchasing an additional 676 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $9,958,000. Choreo LLC grew its stake in shares of Cadence Design Systems by 12.3% during the fourth quarter. Choreo LLC now owns 5,761 shares of the software maker’s stock worth $1,739,000 after purchasing an additional 632 shares during the period. Bleakley Financial Group LLC grew its stake in shares of Cadence Design Systems by 0.3% during the fourth quarter. Bleakley Financial Group LLC now owns 13,730 shares of the software maker’s stock worth $4,125,000 after purchasing an additional 47 shares during the period. Finally, 1900 Wealth Management LLC grew its stake in shares of Cadence Design Systems by 7.1% during the fourth quarter. 1900 Wealth Management LLC now owns 1,256 shares of the software maker’s stock worth $377,000 after purchasing an additional 83 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of analyst reports. Wells Fargo & Company lifted their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Needham & Company LLC reissued a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Oppenheimer decreased their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. Finally, Bank of America boosted their target price on Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $325.23.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,445 shares of company stock worth $5,615,733 over the last 90 days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

CDNS opened at $296.95 on Friday. 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 business’s 50-day simple moving average is $286.39 and its 200 day simple moving average is $287.51. The firm has a market capitalization of $81.08 billion, a PE ratio of 76.93, a PEG ratio of 3.88 and a beta of 0.98. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.17 earnings per share. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 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.