Net Worth Advisory Group Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Net Worth Advisory Group raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 82.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,625 shares of the software maker's stock after purchasing an additional 1,183 shares during the period. Net Worth Advisory Group's holdings in Cadence Design Systems were worth $668,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $28,000. Ancora Advisors LLC raised its holdings in shares of 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 buying an additional 112 shares during the period. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $39,000. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $46,000. Finally, Synergy Investment Management LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $50,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 2.5%

Shares of Cadence Design Systems stock traded down $7.85 during trading on Friday, reaching $300.00. The company's stock had a trading volume of 1,188,835 shares, compared to its average volume of 2,023,501. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market cap of $81.91 billion, a price-to-earnings ratio of 77.72, a P/E/G ratio of 3.88 and a beta of 0.99. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The company has a 50-day simple moving average of $292.59 and a two-hundred day simple moving average of $287.24.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion during 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 business's quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.17 EPS. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CDNS. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. Robert W. Baird increased their price objective 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. Wells Fargo & Company increased their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Mizuho increased their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Finally, KeyCorp increased their price objective 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. One 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 MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. This trade represents a 0.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the sale, the director now owns 8,010 shares in the company, valued at $2,435,040. The trade was a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,625 shares of company stock worth $5,670,453 in the last 90 days. Insiders own 0.37% of the company's stock.

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.