Harvest Fund Management Co. Ltd Lowers Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Harvest Fund Management Co. Ltd reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,113 shares of the software maker’s stock after selling 220 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Cadence Design Systems were worth $1,921,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CDNS. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems during the third quarter worth about $26,000. Valley National Advisers Inc. grew its holdings in shares of 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 purchasing an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter worth about $28,000. Rakuten Securities Inc. purchased a new position in shares of Cadence Design Systems during the fourth quarter worth about $45,000. Finally, Catalyst Capital Advisors LLC grew its holdings 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 worth $47,000 after purchasing an additional 52 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

CDNS traded down $3.26 during trading on Tuesday, reaching $281.76. The company’s stock had a trading volume of 4,680,143 shares, compared to its average volume of 1,556,322. Cadence Design Systems, Inc. has a 52-week low of $194.01 and a 52-week high of $327.36. The company’s fifty day moving average price is $304.84 and its 200-day moving average price is $280.99. The company has a market capitalization of $76.71 billion, a price-to-earnings ratio of 73.76, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data 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. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the company earned $1.02 EPS. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares in the company, valued at approximately $15,924,053.86. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the transaction, the director now owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The disclosure for this sale can be found here. In the last three months, insiders sold 177,544 shares of company stock worth $53,581,207. Company insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the topic of a number of research reports. KeyCorp raised their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, April 16th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Monday. Three 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $316.50.

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.