Commerce Bank Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Commerce Bank lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 36.4% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 22,272 shares of the software maker's stock after selling 12,741 shares during the period. Commerce Bank's holdings in Cadence Design Systems were worth $6,933,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CDNS. Belpointe Asset Management LLC acquired a new position in Cadence Design Systems during the 3rd quarter valued at about $224,000. Creative Planning boosted its stake in shares of Cadence Design Systems by 6.5% in the 3rd quarter. Creative Planning now owns 24,251 shares of the software maker's stock worth $5,682,000 after buying an additional 1,488 shares during the last quarter. Diversified Trust Co boosted its stake in shares of Cadence Design Systems by 16.8% in the 3rd quarter. Diversified Trust Co now owns 4,983 shares of the software maker's stock worth $1,168,000 after buying an additional 717 shares during the last quarter. Comerica Bank purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth approximately $18,152,000. Finally, Oak Grove Capital LLC purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth approximately $211,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the 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 sale, the senior vice president now owns 20,480 shares in the company, valued at $5,639,372.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm's stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares in the company, valued at $5,639,372.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm's stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,134 shares of company stock worth $14,978,483. Corporate insiders own 0.62% of the company's stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $5.73 during trading on Thursday, hitting $314.07. The stock had a trading volume of 1,368,603 shares, compared to its average volume of 1,535,019. 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, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The firm has a market cap of $85.56 billion, a price-to-earnings ratio of 81.79, a P/E/G ratio of 3.88 and a beta of 1.03. The business's 50-day moving average is $301.16 and its 200 day moving average is $296.36.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data 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. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter last year, the business posted $1.02 earnings per share. The firm's revenue was down 1.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an "overweight" rating in a report on Thursday, June 27th. Piper Sandler reaffirmed a "neutral" rating and issued a $318.00 price target on shares of Cadence Design Systems in a report on Wednesday. Bank of America lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a "buy" rating in a report on Thursday, May 30th. Finally, StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and a consensus target price of $334.89.

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.