Pathstone Holdings LLC Raises Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pathstone Holdings LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 58,540 shares of the software maker's stock after buying an additional 2,467 shares during the period. Pathstone Holdings LLC's holdings in Cadence Design Systems were worth $17,589,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems during the 4th quarter valued at $28,000. Ancora Advisors LLC raised its stake in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after buying an additional 112 shares during the last quarter. Avalon Trust Co purchased a new stake in Cadence Design Systems during the 4th quarter valued at $39,000. OFI Invest Asset Management purchased a new stake in Cadence Design Systems during the 4th quarter valued at $46,000. Finally, Synergy Investment Management LLC purchased a new stake in Cadence Design Systems during the 4th quarter valued at $50,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS traded up $2.79 during midday trading on Friday, hitting $321.56. 1,574,219 shares of the company traded hands, compared to its average volume of 1,977,456. The firm has a 50 day moving average of $272.16 and a 200-day moving average of $286.52. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The stock has a market cap of $87.80 billion, a price-to-earnings ratio of 83.31, a PEG ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CDNS shares. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday. Bank of America upped their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. KeyCorp upped their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, Oppenheimer dropped their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of "Moderate Buy" and an average target price of $325.23.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares of the company's stock, valued at $14,689,425.79. This trade represents a 1.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer now directly owns 209,548 shares of the company's stock, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,577 shares of company stock valued at $5,316,411. Insiders own 1.99% of the company's stock.

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.