Veracity Capital LLC Sells 255 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Veracity Capital LLC trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 869 shares of the software maker’s stock after selling 255 shares during the quarter. Veracity Capital LLC’s holdings in Cadence Design Systems were worth $271,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Valley National Advisers Inc. increased its stake in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $28,000. Annapolis Financial Services LLC acquired a new position in Cadence Design Systems during the 1st quarter worth approximately $32,000. Union Savings Bank acquired a new position in Cadence Design Systems during the 4th quarter worth approximately $33,000. Finally, Rise Advisors LLC acquired a new position in Cadence Design Systems during the 1st quarter worth approximately $45,000. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Down 0.4 %

Shares of Cadence Design Systems stock opened at $315.47 on Friday. The business has a fifty day simple moving average of $297.24 and a two-hundred day simple moving average of $294.85. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99. The company has a market capitalization of $85.94 billion, a price-to-earnings ratio of 82.15, a P/E/G ratio of 3.86 and a beta of 1.03. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter last year, the firm posted $1.02 EPS. The company’s quarterly revenue was down 1.2% on a year-over-year basis. Research analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Analyst Ratings Changes

CDNS has been the subject of a number of recent research reports. Piper Sandler reduced their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. KeyCorp upped their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Wells Fargo & Company upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $334.89.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, 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. Insiders sold 50,134 shares of company stock valued at $14,978,483 in the last quarter. 0.62% of the stock is currently owned by insiders.

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.