Cable Hill Partners LLC Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cable Hill Partners LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 810 shares of the software maker's stock, valued at approximately $206,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Park Square Financial Group LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth about $348,000. Royal London Asset Management Ltd. boosted its stake in shares of Cadence Design Systems by 5.2% during the 4th quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker's stock worth $46,834,000 after acquiring an additional 7,766 shares in the last quarter. Merit Financial Group LLC boosted its stake in shares of Cadence Design Systems by 42.6% during the 1st quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker's stock worth $805,000 after acquiring an additional 946 shares in the last quarter. Novem Group boosted its stake in shares of Cadence Design Systems by 30.3% during the 1st quarter. Novem Group now owns 4,067 shares of the software maker's stock worth $1,034,000 after acquiring an additional 945 shares in the last quarter. Finally, Seilern Investment Management Ltd purchased a new stake in shares of Cadence Design Systems during the 1st quarter worth about $64,800,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CDNS has been the topic of a number of research reports. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price target for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Rosenblatt Securities raised their price target 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. The Goldman Sachs Group initiated coverage on shares of Cadence Design Systems in a research note on Thursday, July 10th. They issued a "buy" rating and a $380.00 price target on the stock. Robert W. Baird raised their price target 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, Wall Street Zen raised shares of Cadence Design Systems from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $330.07.

Cadence Design Systems Trading Down 1.1%

CDNS opened at $314.58 on Thursday. The company's 50 day simple moving average is $308.36 and its two-hundred day simple moving average is $287.75. The firm has a market capitalization of $85.89 billion, a price-to-earnings ratio of 79.64, a price-to-earnings-growth ratio of 4.41 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 1-year low of $221.56 and a 1-year high of $330.09.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The business's revenue was up 23.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.17 EPS. Analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the completion of the sale, the vice president owned 28,442 shares in the company, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction that occurred on 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 owned 23,996 shares of the company's stock, valued at $7,677,520.20. This trade represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,975 shares of company stock worth $6,114,587. Insiders own 1.99% of the company's stock.

Cadence Design Systems 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.

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