Bridgewater Advisors Inc. Takes $280,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bridgewater Advisors Inc. acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,100 shares of the software maker's stock, valued at approximately $280,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Accredited Investors Inc. lifted its stake in Cadence Design Systems by 1.7% in the 4th 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 last quarter. Principal Street Partners LLC grew its position in shares of Cadence Design Systems by 2.6% during 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. boosted its holdings 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 worth $313,000 after buying an additional 38 shares during the period. Greenleaf Trust raised its position in shares of Cadence Design Systems by 0.7% during the 1st quarter. Greenleaf Trust now owns 5,802 shares of the software maker's stock valued at $1,476,000 after buying an additional 39 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised 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 worth $285,000 after purchasing an additional 40 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded down $5.29 during trading on Friday, reaching $315.57. 1,390,857 shares of the company's stock were exchanged, compared to its average volume of 2,019,433. The business has a 50 day moving average price of $308.81 and a 200-day moving average price of $287.90. The stock has a market capitalization of $86.16 billion, a P/E ratio of 79.89, a PEG ratio of 4.38 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, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $330.09.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating 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 company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the business earned $1.17 earnings per share. The firm's revenue for the quarter was up 23.1% on a year-over-year basis. Sell-side analysts forecast 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 business's stock in a transaction 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 sale, the chief executive officer owned 209,548 shares of the company's stock, valued at $64,959,880. The trade was a 4.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Scannell sold 4,710 shares of the business's 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 sale, the vice president directly owned 28,442 shares in the company, valued at $8,532,600. The trade was a 14.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,975 shares of company stock worth $6,114,587 over the last 90 days. Company insiders own 1.99% of the company's stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of research reports. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Bank of America upped their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. The Goldman Sachs Group began coverage on shares of Cadence Design Systems in a research note on Thursday, July 10th. They issued a "buy" rating and a $380.00 target price on the stock. 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. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their target price for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $330.07.

Cadence Design Systems Company 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.