Integrated Advisors Network LLC Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Integrated Advisors Network LLC boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 156.9% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 3,406 shares of the software maker's stock after buying an additional 2,080 shares during the period. Integrated Advisors Network LLC's holdings in Cadence Design Systems were worth $1,023,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in CDNS. Avior Wealth Management LLC grew its position in shares of Cadence Design Systems by 12.4% during the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock valued at $98,000 after buying an additional 36 shares during the last quarter. Brighton Jones LLC boosted its holdings in shares of Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after buying an additional 676 shares during the period. Dynamic Advisor Solutions LLC boosted its position in shares of Cadence Design Systems by 2.1% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 3,300 shares of the software maker's stock worth $992,000 after buying an additional 68 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of Cadence Design Systems by 28.5% during the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,009 shares of the software maker's stock worth $303,000 after purchasing an additional 224 shares during the period. Finally, Blue Trust Inc. boosted its stake in shares of Cadence Design Systems by 23.2% during the 4th quarter. Blue Trust Inc. now owns 5,854 shares of the software maker's stock valued at $1,759,000 after buying an additional 1,102 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

CDNS traded up $0.13 during trading on Friday, hitting $284.63. 2,901,589 shares of the company traded hands, compared to its average volume of 2,016,665. The firm has a market cap of $77.72 billion, a P/E ratio of 73.74, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The stock's fifty day moving average is $282.83 and its 200 day moving average is $287.52. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released 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 net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the firm earned $1.17 EPS. Cadence Design Systems's revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. KeyCorp upped their price target on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Loop Capital reduced their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Oppenheimer dropped their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Finally, Mizuho increased their price target on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

Insider Activity

In other news, Director James D. Plummer sold 868 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director now owns 23,996 shares in the company, valued at $7,677,520.20. This trade represents a 3.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction 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 transaction, the chief executive officer now owns 209,548 shares of the company's stock, valued at $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,445 shares of company stock valued at $5,594,127. 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.