Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Boosted by Alps Advisors Inc.

Alps Advisors Inc. grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 59.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,860 shares of the software maker's stock after acquiring an additional 1,814 shares during the period. Alps Advisors Inc.'s holdings in Cadence Design Systems were worth $1,236,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Cadence Design Systems by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after purchasing an additional 201,340 shares during the last quarter. FMR LLC boosted its stake in Cadence Design Systems by 8.7% during 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 during the last quarter. Geode Capital Management LLC boosted its stake in Cadence Design Systems by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock valued at $1,806,019,000 after purchasing an additional 135,251 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Cadence Design Systems by 12.5% during 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 during the last quarter. Finally, Franklin Resources Inc. boosted its stake in Cadence Design Systems by 5.2% during the 4th quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker's stock valued at $1,448,718,000 after purchasing an additional 238,535 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Scannell sold 4,710 shares of the 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 completion of the transaction, the vice president directly owned 28,442 shares in the company, valued at $8,532,600. This trade represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,975 shares of company stock worth $6,114,587. 0.37% of the stock is owned by company insiders.

Cadence Design Systems Stock Down 0.9%

CDNS stock traded down $2.98 during trading on Wednesday, hitting $315.07. 1,040,570 shares of the company's stock traded hands, compared to its average volume of 2,036,986. The business has a fifty day simple moving average of $308.23 and a two-hundred day simple moving average of $287.56. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $330.09. The firm has a market capitalization of $86.03 billion, a P/E ratio of 79.69, a PEG ratio of 4.40 and a beta of 0.99.

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, beating analysts' consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion during 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 firm's quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.17 earnings per share. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CDNS. Rosenblatt Securities boosted 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. Bank of America upped their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Mizuho increased their target price on 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 upped their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Finally, Loop Capital upped their price target on shares of Cadence Design Systems from $340.00 to $370.00 and gave the stock a "buy" rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $330.07.

Cadence Design Systems 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.