Ninety One UK Ltd Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ninety One UK Ltd boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 195,526 shares of the software maker's stock after purchasing an additional 7,808 shares during the quarter. Ninety One UK Ltd owned approximately 0.07% of Cadence Design Systems worth $49,728,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Smallwood Wealth Investment Management LLC purchased a new stake in Cadence Design Systems during the 1st quarter worth about $25,000. Valley National Advisers Inc. increased its holdings in Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after purchasing an additional 99 shares during the period. Ancora Advisors LLC increased its holdings in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares during the period. Avalon Trust Co purchased a new stake in Cadence Design Systems during the 4th quarter worth about $39,000. Finally, OFI Invest Asset Management purchased a new stake in Cadence Design Systems during the 4th quarter worth about $46,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded down $2.06 on Friday, hitting $320.60. The stock had a trading volume of 1,201,465 shares, compared to its average volume of 2,036,282. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week 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 has a market cap of $87.54 billion, a price-to-earnings ratio of 81.16, a P/E/G ratio of 4.47 and a beta of 0.99. The company's 50 day moving average price is $307.83 and its 200 day moving average price is $287.56.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the business earned $1.17 EPS. The business's quarterly revenue was up 23.1% on a year-over-year basis. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Oppenheimer cut their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Rosenblatt Securities upped their price target on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Wells Fargo & Company upped their price objective 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. Finally, Bank of America upped their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $327.93.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were 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 of the company's stock, valued at approximately $32,319,618.65. This represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 19,975 shares of company stock worth $6,114,587. Corporate 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.