Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Fulton Bank N.A.

Fulton Bank N.A. cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 31.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ulland Investment Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter worth approximately $25,000. RiverPark Advisors LLC bought a new stake in Cadence Design Systems during the first quarter worth approximately $26,000. Valley National Advisers Inc. raised its holdings in Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares in the last quarter. Annapolis Financial Services LLC bought a new stake in Cadence Design Systems during the first quarter worth approximately $32,000. Finally, Hollencrest Capital Management raised its holdings in Cadence Design Systems by 637.5% during the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after purchasing an additional 102 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on CDNS shares. KeyCorp boosted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday. Bank of America upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, Robert W. Baird dropped their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

Cadence Design Systems Stock Up 5.3 %

NASDAQ:CDNS traded up $12.96 during trading hours on Tuesday, hitting $259.80. 4,751,110 shares of the stock traded hands, compared to its average volume of 1,715,752. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The firm has a market cap of $70.78 billion, a price-to-earnings ratio of 67.17, a PEG ratio of 3.14 and a beta of 1.03. The firm has a 50 day moving average price of $296.68 and a 200 day moving average price of $297.61.

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

Insider Activity

In other news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $287.31, for a total transaction of $172,386.00. Following the completion of the sale, the senior vice president now owns 19,880 shares of the company’s stock, valued at approximately $5,711,722.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,184 shares of company stock valued at $14,719,573. 1.99% of the stock is 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.