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

Teamwork Financial Advisors LLC decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,038 shares of the software maker’s stock after selling 494 shares during the quarter. Teamwork Financial Advisors LLC’s holdings in Cadence Design Systems were worth $3,316,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Cadence Design Systems during the 4th quarter valued at approximately $1,170,209,000. GAMMA Investing LLC raised its holdings in shares of Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock worth $309,835,000 after purchasing an additional 1,214,330 shares during the last quarter. Schroder Investment Management Group lifted its position in Cadence Design Systems by 53.1% during the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after purchasing an additional 716,041 shares during the period. FMR LLC boosted its holdings in Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CDNS shares. KeyCorp upped their target price on Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. Needham & Company LLC restated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Piper Sandler lifted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Finally, Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $325.23.

Cadence Design Systems Trading Up 0.3%

Shares of CDNS opened at $293.33 on Wednesday. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The stock has a market cap of $80.09 billion, a PE ratio of 75.99, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The firm’s fifty day moving average is $284.03 and its two-hundred day moving average is $287.47. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. The firm 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 22.74% and a return on equity of 29.24%. Cadence Design Systems’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.17 earnings per share. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the transaction, the vice president now owns 28,442 shares in the company, valued at $8,532,600. The trade was a 14.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the sale, the vice president now directly owns 108,799 shares of the company’s stock, valued at $27,486,979.36. This represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,795 shares of company stock worth $5,429,853 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

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.