Mission Wealth Management LP Cuts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mission Wealth Management LP trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,707 shares of the software maker’s stock after selling 379 shares during the period. Mission Wealth Management LP’s holdings in Cadence Design Systems were worth $1,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Ancora Advisors LLC increased its position in Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co purchased a new position in shares of Cadence Design Systems in the 4th quarter worth $39,000. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems in the 4th quarter worth $46,000. Synergy Investment Management LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth about $50,000. Finally, Intact Investment Management Inc. purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $60,000. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the company’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Tuesday, April 1st. The shares were 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 represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,625 shares of company stock valued at $5,670,453 over the last quarter. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Trading Up 0.3%

NASDAQ CDNS opened at $300.81 on Tuesday. The stock has a market cap of $82.13 billion, a PE ratio of 77.93, a PEG ratio of 3.88 and a beta of 0.98. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The company’s 50-day moving average price is $293.97 and its 200-day moving average price is $287.08. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

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 company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.17 EPS. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Rosenblatt Securities lifted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Piper Sandler boosted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Robert W. Baird increased their price target on Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. Finally, KeyCorp raised their price target on Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. One equities research 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.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $325.23.

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.