Fulton Bank N.A. Trims Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fulton Bank N.A. reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 31.5% in the 2nd quarter, Holdings Channel reports. The fund owned 1,165 shares of the software maker’s stock after selling 536 shares during the period. Fulton Bank N.A.’s holdings in Cadence Design Systems were worth $359,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of CDNS. DAVENPORT & Co LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $726,000. Private Trust Co. NA increased its position in shares of Cadence Design Systems by 18.3% in the fourth quarter. Private Trust Co. NA now owns 479 shares of the software maker’s stock valued at $130,000 after buying an additional 74 shares in the last quarter. Allworth Financial LP increased its position in shares of Cadence Design Systems by 24.5% in the fourth quarter. Allworth Financial LP now owns 610 shares of the software maker’s stock valued at $166,000 after buying an additional 120 shares in the last quarter. Prime Capital Investment Advisors LLC increased its position in shares of Cadence Design Systems by 31.1% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 3,196 shares of the software maker’s stock valued at $870,000 after buying an additional 758 shares in the last quarter. Finally, Meeder Advisory Services Inc. increased its position in shares of Cadence Design Systems by 2.5% in the fourth quarter. Meeder Advisory Services Inc. now owns 5,404 shares of the software maker’s stock valued at $1,472,000 after buying an additional 131 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 5.3 %

Shares of Cadence Design Systems stock traded up $12.96 during trading hours on Tuesday, hitting $259.80. The company’s stock had a trading volume of 4,751,110 shares, compared to its average volume of 1,715,752. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99. The firm has a fifty day moving average of $296.68 and a 200-day moving average of $297.61. The stock has a market cap of $70.78 billion, a price-to-earnings ratio of 67.17, a P/E/G ratio of 3.14 and a beta of 1.03. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

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

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following 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 document filed with the SEC, which is available through the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following 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 document filed with the SEC, which is available through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $287.31, for a total value of $172,386.00. Following the sale, the senior vice president now owns 19,880 shares in the company, valued at approximately $5,711,722.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,184 shares of company stock worth $14,719,573. 1.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CDNS has been the subject of several research reports. KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday. Robert W. Baird lowered their price objective 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, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

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.