Brown Advisory Inc. Acquires 5,142 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brown Advisory Inc. grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 0.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,982,877 shares of the software maker's stock after buying an additional 5,142 shares during the period. Cadence Design Systems accounts for about 1.1% of Brown Advisory Inc.'s investment portfolio, making the stock its 21st largest position. Brown Advisory Inc. owned about 1.09% of Cadence Design Systems worth $896,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of CDNS. Principal Financial Group Inc. increased its holdings in shares of Cadence Design Systems by 10.7% in the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock worth $672,300,000 after purchasing an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. grew its holdings in Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock valued at $1,589,000 after buying an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. increased its stake in Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock worth $235,625,000 after acquiring an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock worth $41,850,000 after acquiring an additional 79,268 shares in the last quarter. Finally, Avanza Fonder AB bought a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $6,046,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

CDNS stock opened at $308.15 on Friday. The firm has a market cap of $84.53 billion, a price-to-earnings ratio of 79.83, a PEG ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The business's fifty day simple moving average is $258.32 and its two-hundred day simple moving average is $282.94.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm's revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter last year, the business posted $1.17 EPS. Analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CDNS. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a "buy" rating and a $350.00 price target on the stock. Loop Capital lowered their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Needham & Company LLC reissued a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, April 29th. Mizuho raised their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $322.54.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the sale, the director now owns 7,411 shares of the company's stock, valued at approximately $2,038,025. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,840 shares of company stock valued at $1,980,999 over the last quarter. 1.99% of the stock is owned by corporate 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.

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