Brookstone Capital Management Buys 2,898 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brookstone Capital Management boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 19.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,430 shares of the software maker's stock after purchasing an additional 2,898 shares during the quarter. Brookstone Capital Management's holdings in Cadence Design Systems were worth $4,433,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in Cadence Design Systems in the 4th quarter worth $1,170,209,000. GAMMA Investing LLC boosted its stake in shares of Cadence Design Systems by 31,049.1% during the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after acquiring an additional 1,214,330 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after purchasing an additional 716,041 shares during the last quarter. FMR LLC raised its holdings in 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 buying an additional 639,146 shares during the period. Finally, Alliancebernstein L.P. grew its position in 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. Institutional investors own 84.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CDNS. Robert W. Baird lifted their target price on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Rosenblatt Securities increased their price objective 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. Oppenheimer decreased their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Wells Fargo & Company boosted their target price on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their target price for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $325.23.

Insiders Place Their Bets

In other 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 directly owned 209,548 shares of the company's stock, valued at $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the company'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 completion of the transaction, the vice president owned 28,442 shares of the company's stock, valued at $8,532,600. This represents a 14.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,975 shares of company stock valued at $6,114,587 over the last ninety days. 0.37% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded down $6.45 on Monday, reaching $320.37. 579,866 shares of the company traded hands, compared to its average volume of 2,026,646. 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. The company's 50 day moving average is $305.50 and its 200-day moving average is $286.72. The stock has a market capitalization of $87.47 billion, a PE ratio of 81.11, a P/E/G ratio of 4.53 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping 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 business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the business posted $1.17 EPS. The firm's revenue was up 23.1% compared to the same quarter last year. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.