Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Smith Group Asset Management LLC

Smith Group Asset Management LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 109,063 shares of the software maker's stock after purchasing an additional 3,036 shares during the quarter. Cadence Design Systems makes up approximately 2.1% of Smith Group Asset Management LLC's holdings, making the stock its 18th largest holding. Smith Group Asset Management LLC's holdings in Cadence Design Systems were worth $27,738,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Accredited Investors Inc. increased its holdings in Cadence Design Systems by 1.7% during the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after purchasing an additional 36 shares during the last quarter. Principal Street Partners LLC grew its holdings in shares of Cadence Design Systems by 2.6% during the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock valued at $437,000 after purchasing an additional 37 shares during the last quarter. Lindbrook Capital LLC boosted its position in Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock valued at $670,000 after purchasing an additional 38 shares during the period. Oarsman Capital Inc. grew its holdings in Cadence Design Systems by 3.8% in the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock worth $313,000 after buying an additional 38 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its holdings in Cadence Design Systems by 3.9% in the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,072 shares of the software maker's stock worth $285,000 after buying an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In other news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the sale, the vice president directly owned 28,442 shares of the company's stock, valued at approximately $8,532,600. The trade was a 14.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Friday, June 13th. The stock was sold at an average price of $302.00, for a total transaction of $302,000.00. Following the completion of the transaction, the vice president owned 106,499 shares in the company, valued at approximately $32,162,698. The trade was a 0.93% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,975 shares of company stock worth $5,808,237 in the last three months. 0.37% of the stock is owned by insiders.

Cadence Design Systems Trading Up 1.0%

NASDAQ:CDNS opened at $308.15 on Tuesday. The firm has a 50-day moving average price of $301.86 and a two-hundred day moving average price of $286.36. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $326.19. The firm has a market cap of $84.14 billion, a price-to-earnings ratio of 78.01, a price-to-earnings-growth ratio of 4.23 and a beta of 0.99.

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. The company had revenue of $1.24 billion during 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%. Cadence Design Systems's revenue for the quarter was up 23.1% on a year-over-year basis. During the same period last year, the firm earned $1.17 EPS. On average, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on CDNS shares. Needham & Company LLC restated a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, May 13th. KeyCorp upped their price target on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. 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 report on Thursday, April 24th. Bank of America upped their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Finally, Wells Fargo & Company lifted 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

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.

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