Banque Cantonale Vaudoise Invests $3.27 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Banque Cantonale Vaudoise acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund acquired 12,857 shares of the software maker's stock, valued at approximately $3,269,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth about $25,000. Valley National Advisers Inc. boosted its stake in shares of Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after purchasing an additional 99 shares during the last quarter. Ancora Advisors LLC boosted its stake in shares of Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Cadence Design Systems by 36.5% during the 1st quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock worth $44,000 after purchasing an additional 46 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC grew its position in shares of Cadence Design Systems by 147.3% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock valued at $47,000 after purchasing an additional 109 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the sale, the director owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The stock was 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 of the company's stock, valued at $32,319,618.65. The trade was a 0.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,698 shares of company stock valued at $1,126,667 over the last 90 days. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Trading Down 2.1%

CDNS traded down $7.60 on Friday, reaching $356.97. 2,070,008 shares of the company's stock were exchanged, compared to its average volume of 2,097,989. The company's 50 day moving average is $312.60 and its 200-day moving average is $290.37. The company has a market cap of $97.47 billion, a price-to-earnings ratio of 96.48, a PEG ratio of 4.88 and a beta of 0.99. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 2.82.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the company earned $1.28 EPS. The company's revenue was up 20.2% on a year-over-year basis. Equities 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 equities research analysts have recently commented on the company. Bank of America lifted their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Berenberg Bank set a $400.00 price objective on shares of Cadence Design Systems in a research note on Wednesday. The Goldman Sachs Group initiated coverage on shares of Cadence Design Systems in a research note on Thursday, July 10th. They set a "buy" rating and a $380.00 price objective for the company. KeyCorp upped their price objective on shares of Cadence Design Systems from $358.00 to $405.00 and gave the company an "overweight" rating in a research note on Tuesday. Finally, Mizuho upped their price objective on shares of Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $364.33.

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.