Metis Global Partners LLC Sells 1,128 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Metis Global Partners LLC lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,027 shares of the software maker’s stock after selling 1,128 shares during the quarter. Metis Global Partners LLC’s holdings in Cadence Design Systems were worth $3,003,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. National Bank of Canada FI raised its holdings in shares of Cadence Design Systems by 50.4% in the fourth quarter. National Bank of Canada FI now owns 261,188 shares of the software maker’s stock valued at $68,666,000 after purchasing an additional 87,514 shares during the last quarter. FourThought Financial Partners LLC bought a new stake in Cadence Design Systems during the 4th quarter worth about $217,000. Provence Wealth Management Group lifted its position in Cadence Design Systems by 26,750.0% during the 4th quarter. Provence Wealth Management Group now owns 1,074 shares of the software maker’s stock worth $293,000 after buying an additional 1,070 shares in the last quarter. Axxcess Wealth Management LLC grew its holdings in shares of Cadence Design Systems by 4.4% in the 4th quarter. Axxcess Wealth Management LLC now owns 8,979 shares of the software maker’s stock valued at $2,446,000 after acquiring an additional 381 shares in the last quarter. Finally, Merit Financial Group LLC increased its position in shares of Cadence Design Systems by 153.7% in the fourth quarter. Merit Financial Group LLC now owns 2,808 shares of the software maker’s stock valued at $765,000 after acquiring an additional 1,701 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Stifel Nicolaus raised their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $326.11.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $3.56 during mid-day trading on Monday, reaching $285.19. 1,001,740 shares of the company’s stock were exchanged, compared to its average volume of 1,576,029. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The business’s fifty day simple moving average is $302.02 and its two-hundred day simple moving average is $282.59. The firm has a market capitalization of $77.61 billion, a PE ratio of 74.03, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 earnings per share. Analysts anticipate that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the sale, the vice president now directly owns 67,144 shares in the company, valued at $18,488,771.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the sale, the vice president now owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The disclosure for this sale can be found here. In the last three months, insiders sold 174,566 shares of company stock worth $52,649,105. 0.62% of the stock is currently owned by company insiders.

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.