Blue Sky Capital Consultants Group Inc. Invests $267,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Blue Sky Capital Consultants Group Inc. acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 888 shares of the software maker's stock, valued at approximately $267,000.

A number of other institutional investors have also modified their holdings of CDNS. Norges Bank bought a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $1,170,209,000. Schroder Investment Management Group boosted its holdings in shares of Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after acquiring an additional 716,041 shares in the last quarter. FMR LLC boosted its holdings in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after acquiring an additional 639,146 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after acquiring an additional 632,175 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Cadence Design Systems by 25.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock valued at $882,655,000 after acquiring an additional 601,834 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. This represents a 0.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the company'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 transaction of $3,328,470.00. Following the completion of the transaction, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,445 shares of company stock worth $5,594,127. 1.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CDNS has been the subject of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Rosenblatt Securities increased their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. Oppenheimer cut 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 research note on Wednesday, March 19th. KeyCorp increased their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Finally, Robert W. Baird increased their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $325.23.

Cadence Design Systems Trading Down 10.7%

Shares of NASDAQ:CDNS traded down $34.47 during mid-day trading on Wednesday, hitting $288.61. The stock had a trading volume of 6,970,670 shares, compared to its average volume of 2,162,257. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a market cap of $78.80 billion, a PE ratio of 74.77, a P/E/G ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The company's 50 day moving average is $281.65 and its 200-day moving average is $287.85.

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

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.