Commerce Bank Sells 1,324 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Commerce Bank trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,182 shares of the software maker's stock after selling 1,324 shares during the quarter. Commerce Bank's holdings in Cadence Design Systems were worth $6,965,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Norges Bank bought a new position in Cadence Design Systems in the 4th quarter worth about $1,170,209,000. Schroder Investment Management Group grew its stake in Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after purchasing an additional 716,041 shares in the last quarter. FMR LLC grew its stake 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 worth $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Alliancebernstein L.P. increased its holdings 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. Finally, Raymond James Financial Inc. bought a new stake in Cadence Design Systems during the 4th quarter valued at $171,991,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, April 1st. The stock was 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 owns 108,799 shares of the company's stock, valued at approximately $27,486,979.36. The trade was a 0.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 1,950 shares of company stock valued at $518,499. Insiders own 0.37% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Oppenheimer cut their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. Robert W. Baird reduced their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Mizuho reduced their price objective on shares of Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Finally, Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They set a "buy" rating and a $350.00 target price for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $320.67.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $260.22 on Friday. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The stock has a fifty day moving average price of $257.23 and a 200-day moving average price of $282.14. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm has a market cap of $71.38 billion, a PE ratio of 67.41, a P/E/G ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.

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