Bridges Investment Management Inc. Has $33.38 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bridges Investment Management Inc. lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 14.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 131,260 shares of the software maker's stock after selling 22,039 shares during the period. Bridges Investment Management Inc.'s holdings in Cadence Design Systems were worth $33,383,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Accredited Investors Inc. increased its stake in shares of Cadence Design Systems by 1.7% in the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after purchasing an additional 36 shares during the period. Principal Street Partners LLC increased its position in Cadence Design Systems by 2.6% in the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock valued at $437,000 after acquiring an additional 37 shares during the period. Oarsman Capital Inc. increased its position in Cadence Design Systems by 3.8% in the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after acquiring an additional 38 shares during the period. Greenleaf Trust grew its stake in shares of Cadence Design Systems by 0.7% in the first quarter. Greenleaf Trust now owns 5,802 shares of the software maker's stock worth $1,476,000 after purchasing an additional 39 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in Cadence Design Systems by 3.9% in the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,072 shares of the software maker's stock valued at $285,000 after buying an additional 40 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Down 0.1%

Shares of CDNS stock traded down $0.37 during trading on Wednesday, hitting $322.91. 1,092,043 shares of the company were exchanged, compared to its average volume of 2,035,983. The business's 50-day simple moving average is $306.62 and its 200 day simple moving average is $287.10. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $330.09. The firm has a market capitalization of $88.17 billion, a price-to-earnings ratio of 81.75, a P/E/G ratio of 4.48 and a beta of 0.99. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. Cadence Design Systems's quarterly revenue was up 23.1% compared to the same quarter last year. During the same period last year, the company earned $1.17 earnings per share. As a group, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the subject of several recent analyst reports. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. KeyCorp boosted 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, May 15th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their target price for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Bank of America lifted their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $325.23.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer owned 209,548 shares of the company's stock, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Paul Scannell sold 4,710 shares of the firm's stock in a transaction that occurred 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 transaction, the vice president directly owned 28,442 shares in the company, valued at approximately $8,532,600. The trade was a 14.21% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,975 shares of company stock worth $6,114,587. 1.99% of the stock is currently owned by corporate insiders.

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.