Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Boosted by NBC Securities Inc.

NBC Securities Inc. raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 139,550.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,793 shares of the software maker's stock after purchasing an additional 2,791 shares during the period. NBC Securities Inc.'s holdings in Cadence Design Systems were worth $710,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth about $28,000. Ancora Advisors LLC raised its position in Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after acquiring an additional 112 shares in the last quarter. Avalon Trust Co purchased a new position in shares of Cadence Design Systems in the 4th quarter valued at about $39,000. OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the 4th quarter valued at about $46,000. Finally, Synergy Investment Management LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at about $50,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CDNS shares. Mizuho boosted their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Loop Capital reduced their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Robert W. Baird upped their price target on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Finally, KeyCorp lifted their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and a consensus target price of $325.23.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the sale, the vice president now owns 108,799 shares of the company's stock, valued at $27,486,979.36. This represents a 0.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James D. Plummer sold 868 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the transaction, the director now directly owns 23,996 shares in the company, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,445 shares of company stock worth $5,615,733. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Up 0.2%

Cadence Design Systems stock traded up $0.66 during midday trading on Friday, hitting $296.95. 1,363,074 shares of the stock were exchanged, compared to its average volume of 2,016,612. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm has a market cap of $81.08 billion, a P/E ratio of 76.93, a P/E/G ratio of 3.88 and a beta of 0.98. The company has a 50 day moving average price of $285.62 and a two-hundred day moving average price of $287.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company's revenue was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.17 earnings per share. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.