Cadence Design Systems (NASDAQ:CDNS) Sets New 1-Year High - Here's What Happened

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $330.09 and last traded at $322.29, with a volume of 311913 shares changing hands. The stock had previously closed at $310.95.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CDNS shares. Needham & Company LLC restated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. KeyCorp increased their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Rosenblatt Securities raised their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 29th. Finally, Wells Fargo & Company upped their price target on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Stock Up 5.6%

The business has a 50 day simple moving average of $304.73 and a 200 day simple moving average of $286.79. The company has a market capitalization of $89.69 billion, a price-to-earnings ratio of 83.16, a PEG ratio of 4.31 and a beta of 0.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90.

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

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer owned 209,548 shares of the company's stock, valued at $64,959,880. This trade represents a 4.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total value of $306,350.00. Following the sale, the vice president directly owned 105,499 shares in the company, valued at $32,319,618.65. This represents a 0.94% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,975 shares of company stock valued at $6,114,587. Corporate insiders own 1.99% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CDNS. Brighton Jones LLC grew its position in shares of Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after buying an additional 676 shares in the last quarter. Highview Capital Management LLC DE increased its position in shares of Cadence Design Systems by 2.7% in the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock valued at $1,894,000 after purchasing an additional 163 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at $822,000. Jones Financial Companies Lllp lifted its position in shares of Cadence Design Systems by 41.3% during the 4th quarter. Jones Financial Companies Lllp now owns 2,713 shares of the software maker's stock worth $815,000 after purchasing an additional 793 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its stake in shares of Cadence Design Systems by 60.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 24,668 shares of the software maker's stock worth $7,412,000 after purchasing an additional 9,291 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.