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

Metis Global Partners LLC lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 11,027 shares of the software maker’s stock after selling 1,128 shares during the period. Metis Global Partners LLC’s holdings in Cadence Design Systems were worth $3,003,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CDNS. OFI Invest Asset Management purchased a new stake in Cadence Design Systems during the third quarter valued at approximately $26,000. Valley National Advisers Inc. increased its stake 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 acquiring an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in Cadence Design Systems during the 4th quarter valued at $28,000. Rakuten Securities Inc. purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at $45,000. Finally, Catalyst Capital Advisors LLC grew its stake in shares of Cadence Design Systems by 34.7% during the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after buying an additional 52 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CDNS. Robert W. Baird boosted their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, April 19th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $326.11.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’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 $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $310,460.00. Following the sale, the vice president now directly owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The disclosure for this sale can be found here. Insiders have sold a total of 174,566 shares of company stock worth $52,649,105 in the last ninety days. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded up $3.56 during mid-day trading on Monday, reaching $285.19. 1,001,740 shares of the stock traded hands, compared to its average volume of 1,576,029. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average of $302.02 and a 200 day moving average of $282.59. The stock has a market capitalization of $77.61 billion, a PE ratio of 74.03, a PEG ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 earnings per share. On average, analysts predict that Cadence Design Systems, Inc. will post 4.78 EPS 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.