Mission Wealth Management LP Sells 269 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mission Wealth Management LP lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,319 shares of the software maker’s stock after selling 269 shares during the period. Mission Wealth Management LP’s holdings in Cadence Design Systems were worth $1,967,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of CDNS. Norden Group LLC lifted its stake in shares of Cadence Design Systems by 1,659.3% during the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after buying an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. lifted its stake in shares of Cadence Design Systems by 37.5% during the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock worth $5,258,000 after buying an additional 5,269 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in shares of Cadence Design Systems by 3.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock worth $30,435,000 after buying an additional 3,899 shares during the last quarter. USA Financial Formulas raised its stake in Cadence Design Systems by 380.7% in the 4th quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock worth $2,430,000 after purchasing an additional 7,066 shares in the last quarter. Finally, Miracle Mile Advisors LLC acquired a new stake in Cadence Design Systems in the 4th quarter worth about $934,000. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now owns 67,144 shares in the company, valued at $18,488,771.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now owns 67,144 shares in the company, valued at $18,488,771.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,134 shares of company stock worth $14,978,483. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Up 1.8 %

Shares of NASDAQ:CDNS traded up $5.64 during trading on Friday, reaching $321.11. The stock had a trading volume of 1,126,305 shares, compared to its average volume of 1,434,027. The firm’s fifty day moving average is $298.01 and its 200 day moving average is $295.18. 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, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The stock has a market cap 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 (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the firm posted $1.02 EPS. The company’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CDNS has been the subject of several analyst reports. Wells Fargo & Company lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research note on Tuesday. Bank of America boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, May 17th. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $334.89.

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.