Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 31.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,491 shares of the software maker’s stock after selling 1,573 shares during the period. Sequoia Financial Advisors LLC’s holdings in Cadence Design Systems were worth $1,087,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Norden Group LLC raised its stake in shares of Cadence Design Systems by 1,659.3% in the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after acquiring an additional 12,544 shares in the last quarter. Pinebridge Investments L.P. raised its stake in shares of Cadence Design Systems by 37.5% in the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after acquiring an additional 5,269 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of Cadence Design Systems by 3.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after acquiring an additional 3,899 shares in the last quarter. USA Financial Formulas raised its stake in shares of Cadence Design Systems by 380.7% in the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock valued at $2,430,000 after acquiring an additional 7,066 shares in the last quarter. Finally, Miracle Mile Advisors LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at $934,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded up $5.64 during mid-day trading on Friday, hitting $321.11. 1,126,305 shares of the stock were exchanged, compared to its average volume of 1,434,027. The stock’s fifty day simple moving average is $298.01 and its two-hundred day simple moving average is $295.18. The stock has a market capitalization of $87.48 billion, a price-to-earnings ratio of 83.62, a P/E/G ratio of 3.86 and a beta of 1.03. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (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 company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the company posted $1.02 earnings per share. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CDNS shares. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, May 17th. Robert W. Baird raised their price target on Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a research note on Tuesday. Bank of America raised their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Wells Fargo & Company raised their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Finally, KeyCorp raised their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $334.89.

Insider Buying and Selling

In related news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares in the company, valued at $15,498,015.89. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock valued at $14,978,483 over the last quarter. 0.62% of the stock is currently owned by 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.