Axxcess Wealth Management LLC Sells 7,515 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Axxcess Wealth Management LLC cut its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 70.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 3,082 shares of the software maker’s stock after selling 7,515 shares during the period. Axxcess Wealth Management LLC’s holdings in Cadence Design Systems were worth $948,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CDNS. Vanguard Group Inc. raised its holdings in Cadence Design Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after acquiring an additional 437,101 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Cadence Design Systems by 10.5% during the second quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock valued at $675,731,000 after purchasing an additional 209,301 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Cadence Design Systems by 7.7% during the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after buying an additional 145,351 shares during the last quarter. Finally, Swedbank AB boosted its position in shares of Cadence Design Systems by 7.8% during the second quarter. Swedbank AB now owns 1,523,142 shares of the software maker’s stock valued at $468,747,000 after buying an additional 109,662 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the topic of several research analyst reports. Bank of America upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. KeyCorp lifted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. Finally, Robert W. Baird cut their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $334.56.

Insider Activity

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares in the company, valued at approximately $5,933,420. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the sale, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at $5,933,420. The disclosure for this sale can be found here. Insiders have sold 38,272 shares of company stock worth $10,833,362 in the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $280.35 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock has a 50-day simple moving average of $270.39 and a two-hundred day simple moving average of $290.78. The firm has a market capitalization of $76.37 billion, a PE ratio of 73.01, a P/E/G ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the firm posted $0.94 EPS. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. Analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Cadence Design Systems Company 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.