Allworth Financial LP Acquires 312 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Allworth Financial LP raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 21.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 1,734 shares of the software maker’s stock after buying an additional 312 shares during the quarter. Allworth Financial LP’s holdings in Cadence Design Systems were worth $489,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CDNS. Norges Bank bought a new position in Cadence Design Systems in the 4th quarter valued at about $1,170,209,000. GAMMA Investing LLC boosted its stake in shares of Cadence Design Systems by 31,049.1% in the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock valued at $309,835,000 after purchasing an additional 1,214,330 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after purchasing an additional 716,041 shares in the last quarter. FMR LLC boosted its stake in shares of Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after purchasing an additional 632,175 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Down 1.0%

Shares of NASDAQ CDNS opened at $317.49 on Tuesday. The company has a market capitalization of $86.69 billion, a P/E ratio of 80.38, a price-to-earnings-growth ratio of 4.44 and a beta of 0.99. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $330.09. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The company’s 50 day moving average price is $308.00 and its 200-day moving average price is $287.35.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.17 EPS. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 10,737 shares of the business’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer owned 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Scannell sold 4,710 shares of the business’s stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the transaction, the vice president owned 28,442 shares in the company, valued at $8,532,600. The trade was a 14.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,975 shares of company stock worth $6,114,587 over the last ninety days. 1.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CDNS. Robert W. Baird raised their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Loop Capital raised their price target on shares of Cadence Design Systems from $340.00 to $370.00 and gave the company a “buy” rating in a research note on Monday. Mizuho lifted their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Finally, JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen 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 an average target price of $330.07.

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.