Brookwood Investment Group LLC bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 1,071 shares of the software maker's stock, valued at approximately $272,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC grew its stake in Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after purchasing an additional 676 shares during the period. Highview Capital Management LLC DE boosted its holdings in Cadence Design Systems by 2.7% in the fourth quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock worth $1,894,000 after acquiring an additional 163 shares in the last quarter. Congress Wealth Management LLC DE boosted its holdings in Cadence Design Systems by 101.2% in the fourth quarter. Congress Wealth Management LLC DE now owns 4,888 shares of the software maker's stock worth $1,469,000 after acquiring an additional 2,458 shares in the last quarter. TIAA Trust National Association boosted its holdings in Cadence Design Systems by 8.4% in the fourth quarter. TIAA Trust National Association now owns 2,396 shares of the software maker's stock worth $720,000 after acquiring an additional 185 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Cadence Design Systems by 4.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 600,736 shares of the software maker's stock worth $182,540,000 after acquiring an additional 25,008 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.
Cadence Design Systems Stock Up 9.0%
Shares of CDNS stock traded up $29.93 during midday trading on Tuesday, reaching $363.69. 2,427,250 shares of the stock were exchanged, compared to its average volume of 2,062,336. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $370.61. The company's 50 day moving average is $309.66 and its two-hundred day moving average is $288.77. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The firm has a market cap of $99.30 billion, a PE ratio of 92.23, a price-to-earnings-growth ratio of 4.62 and a beta of 0.99.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the business posted $1.28 EPS. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.
Insider Activity
In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the sale, the director directly owned 23,996 shares in the company, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,085 shares of company stock worth $4,652,087. 0.37% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on CDNS. Bank of America increased their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. KeyCorp upped their price target on Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a report on Tuesday. Needham & Company LLC upped their price target on Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a report on Tuesday. Wall Street Zen downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $353.33.
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Cadence Design Systems Profile
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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.
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