Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Penserra Capital Management LLC

Penserra Capital Management LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 35.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 56,156 shares of the software maker's stock after acquiring an additional 14,658 shares during the quarter. Penserra Capital Management LLC's holdings in Cadence Design Systems were worth $14,280,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CDNS. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Cadence Design Systems in the first quarter valued at about $25,000. Valley National Advisers Inc. increased its stake in shares of Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after purchasing an additional 99 shares in the last quarter. Ancora Advisors LLC increased its stake 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 purchasing an additional 112 shares in the last quarter. Avalon Trust Co purchased a new position in Cadence Design Systems during the fourth quarter valued at approximately $39,000. Finally, OFI Invest Asset Management purchased a new position in Cadence Design Systems during the fourth quarter valued at approximately $46,000. 84.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CDNS shares. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. KeyCorp boosted their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Mizuho lifted their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Wells Fargo & Company lifted their target price 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. Finally, Bank of America lifted their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

Insiders Place Their Bets

In related news, Director Ita M. Brennan sold 180 shares of the business'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 owned 8,010 shares in the company, valued at $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James D. Plummer sold 868 shares of the business'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 sale, the director owned 23,996 shares of the company's stock, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,975 shares of company stock worth $6,114,587. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Up 0.9%

Shares of CDNS traded up $2.98 during mid-day trading on Tuesday, hitting $323.28. 2,021,740 shares of the company traded hands, compared to its average volume of 2,034,905. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $330.09. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $88.27 billion, a PE ratio of 81.84, a price-to-earnings-growth ratio of 4.53 and a beta of 0.99. The business has a 50 day moving average of $306.20 and a 200 day moving average of $286.85.

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

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.