Bank of New York Mellon Corp Boosts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bank of New York Mellon Corp lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 0.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,883,224 shares of the software maker's stock after purchasing an additional 7,570 shares during the period. Bank of New York Mellon Corp owned 0.69% of Cadence Design Systems worth $478,960,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CDNS. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Cadence Design Systems during the first quarter valued at approximately $25,000. Valley National Advisers Inc. boosted its holdings in shares of Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after buying an additional 99 shares during the last quarter. Ancora Advisors LLC grew its position in Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after buying an additional 112 shares during the period. Avalon Trust Co purchased a new stake in Cadence Design Systems during the fourth quarter worth about $39,000. Finally, OFI Invest Asset Management bought a new stake in Cadence Design Systems in the fourth quarter worth about $46,000. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Trading Down 2.0%

Shares of CDNS stock traded down $6.51 during mid-day trading on Monday, reaching $320.30. The stock had a trading volume of 1,824,002 shares, compared to its average volume of 2,030,853. The stock's 50-day moving average price is $305.50 and its two-hundred day moving average price is $286.72. The firm has a market capitalization of $87.45 billion, a PE ratio of 81.09, a price-to-earnings-growth ratio of 4.53 and a beta of 0.99. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $330.09.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 22.18% and a return on equity of 29.36%. The company's quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.17 EPS. Equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the sale, the vice president directly owned 28,442 shares of the company's stock, valued at $8,532,600. This represents a 14.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the transaction, the director directly owned 8,010 shares of the company's stock, valued at $2,435,040. This represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,975 shares of company stock worth $6,114,587 over the last quarter. Company insiders own 0.37% of the company's stock.

Analyst Ratings Changes

CDNS has been the topic of a number of research reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Mizuho increased their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. KeyCorp upped their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, Wells Fargo & Company boosted their target price on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $325.23.

About Cadence Design Systems

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.