Commerce Bank Trims Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Commerce Bank decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 36.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,272 shares of the software maker’s stock after selling 12,741 shares during the quarter. Commerce Bank’s holdings in Cadence Design Systems were worth $6,933,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ulland Investment Advisors LLC acquired a new position in Cadence Design Systems in the first quarter valued at approximately $25,000. Valley National Advisers Inc. lifted its holdings in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares during the period. RiverPark Advisors LLC acquired a new position in Cadence Design Systems in the first quarter valued at approximately $26,000. Fortitude Family Office LLC acquired a new position in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Finally, Annapolis Financial Services LLC acquired a new position in Cadence Design Systems in the first quarter valued at approximately $32,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the 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 owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred 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 transaction, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction that occurred on 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 directly owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,134 shares of company stock valued at $14,978,483. 0.62% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CDNS. Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Piper Sandler reissued a “neutral” rating and set a $318.00 target price on shares of Cadence Design Systems in a report on Wednesday. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 2nd. Finally, KeyCorp lifted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $334.89.

Cadence Design Systems Price Performance

CDNS stock opened at $318.75 on Thursday. The business’s fifty day moving average price is $300.41 and its 200 day moving average price is $296.24. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99. The company has a market capitalization of $86.83 billion, a PE ratio of 83.28, a P/E/G ratio of 3.88 and a beta of 1.03. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the prior year, the company earned $1.02 earnings per share. The business’s quarterly revenue was down 1.2% on a year-over-year basis. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

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.