Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by ProShare Advisors LLC

ProShare Advisors LLC grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 17.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 368,065 shares of the software maker's stock after purchasing an additional 54,453 shares during the period. ProShare Advisors LLC owned about 0.13% of Cadence Design Systems worth $110,589,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CDNS. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter worth $28,000. Ancora Advisors LLC boosted its holdings in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares during the last quarter. Avalon Trust Co bought a new stake in Cadence Design Systems during the fourth quarter valued at approximately $39,000. OFI Invest Asset Management purchased a new stake in Cadence Design Systems during the fourth quarter valued at approximately $46,000. Finally, Synergy Investment Management LLC bought a new position in Cadence Design Systems in the fourth quarter worth approximately $50,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

CDNS traded down $1.26 during trading on Monday, reaching $320.30. 1,509,438 shares of the company traded hands, compared to its average volume of 1,975,588. The company has a market cap of $87.46 billion, a P/E ratio of 82.98, 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, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The firm has a fifty day simple moving average of $272.16 and a 200 day simple moving average of $286.60.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) 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. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the company earned $1.17 earnings per share. Cadence Design Systems's revenue was up 23.1% on a year-over-year basis. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of recent research reports. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Oppenheimer cut their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. KeyCorp raised their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction on 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 transaction, the chief executive officer now directly owns 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the sale, the vice president now owns 108,799 shares of the company's stock, valued at $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,577 shares of company stock valued at $5,316,411 in the last ninety days. 1.99% of the stock is owned by company insiders.

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.