Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Dock Street Asset Management Inc.

Dock Street Asset Management Inc. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 79,071 shares of the software maker's stock after buying an additional 3,955 shares during the quarter. Cadence Design Systems comprises 2.4% of Dock Street Asset Management Inc.'s portfolio, making the stock its 15th largest position. Dock Street Asset Management Inc.'s holdings in Cadence Design Systems were worth $20,110,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at about $25,000. Valley National Advisers Inc. boosted its holdings in Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after purchasing an additional 99 shares during the last quarter. Ancora Advisors LLC boosted its holdings 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 valued at $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co purchased a new position in Cadence Design Systems in the fourth quarter valued at about $39,000. Finally, Bartlett & CO. Wealth Management LLC boosted its holdings in Cadence Design Systems by 147.3% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock valued at $47,000 after purchasing an additional 109 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total value of $306,350.00. Following the sale, the vice president directly owned 105,499 shares in the company, valued at $32,319,618.65. This trade represents a 0.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer owned 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,975 shares of company stock worth $6,114,587. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Trading Down 0.6%

Shares of NASDAQ CDNS opened at $320.60 on Friday. The company has a market cap of $87.54 billion, a price-to-earnings ratio of 81.16, a price-to-earnings-growth ratio of 4.44 and a beta of 0.99. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $330.09. 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 stock's 50 day simple moving average is $307.83 and its 200 day simple moving average is $287.41.

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 the consensus estimate of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business's revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the business posted $1.17 EPS. Equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CDNS. The Goldman Sachs Group began coverage on Cadence Design Systems in a report on Thursday. They issued a "buy" rating and a $380.00 price target for the company. Rosenblatt Securities increased their price target on 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 increased their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Wall Street Zen raised Cadence Design Systems from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Robert W. Baird increased 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $327.93.

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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