Victory Capital Management Inc. Sells 3,085 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Victory Capital Management Inc. decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.8% in the first quarter, HoldingsChannel reports. The fund owned 383,785 shares of the software maker’s stock after selling 3,085 shares during the quarter. Victory Capital Management Inc.’s holdings in Cadence Design Systems were worth $97,608,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CDNS. Brighton Jones LLC grew its position in Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock valued at $456,000 after buying an additional 676 shares during the period. Highview Capital Management LLC DE grew its holdings in Cadence Design Systems by 2.7% during the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker’s stock worth $1,894,000 after acquiring an additional 163 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Cadence Design Systems during the 4th quarter worth approximately $431,000. Commonwealth Equity Services LLC lifted its position in shares of Cadence Design Systems by 3.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 21,784 shares of the software maker’s stock worth $6,545,000 after buying an additional 666 shares during the last quarter. Finally, Harbour Investments Inc. lifted its position in shares of Cadence Design Systems by 33.0% during the 4th quarter. Harbour Investments Inc. now owns 238 shares of the software maker’s stock worth $72,000 after buying an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, Director James D. Plummer sold 868 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director directly owned 23,996 shares of the company’s stock, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director directly owned 8,010 shares in the company, valued at approximately $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,975 shares of company stock valued at $6,114,587 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CDNS shares. KeyCorp restated an “overweight” rating and set a $358.00 price objective (up previously from $340.00) on shares of Cadence Design Systems in a research report on Thursday, July 10th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Mizuho upped their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Finally, Bank of America raised their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $330.07.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $320.86 on Friday. The company has a market capitalization of $87.61 billion, a price-to-earnings ratio of 81.23, a PEG ratio of 4.37 and a beta of 0.99. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $330.09. The stock has a 50 day moving average of $308.61 and a 200 day moving average of $287.88. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period last year, the company posted $1.17 earnings per share. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.