Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Raised by Merit Financial Group LLC

Merit Financial Group LLC grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 42.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,165 shares of the software maker's stock after purchasing an additional 946 shares during the quarter. Merit Financial Group LLC's holdings in Cadence Design Systems were worth $805,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Accredited Investors Inc. grew its position in shares of Cadence Design Systems by 1.7% during the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after buying 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 raised its position in shares of Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after purchasing an additional 38 shares during the period. Oarsman Capital Inc. lifted its holdings in shares of 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 purchasing an additional 38 shares during the last quarter. Finally, Empower Advisory Group LLC lifted its holdings in shares of Cadence Design Systems by 4.9% in the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock worth $263,000 after purchasing an additional 41 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of the firm's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the completion of the transaction, the vice president now directly owns 28,442 shares in the company, valued at $8,532,600. This trade represents a 14.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the transaction, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,445 shares of company stock worth $5,615,733 in the last three months. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $296.95 on Monday. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market cap of $81.08 billion, a PE ratio of 76.93, a price-to-earnings-growth ratio of 3.88 and a beta of 0.98. The company's 50-day moving average price is $286.39 and its two-hundred day moving average price is $287.27.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping 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 22.74% and a return on equity of 29.24%. The business's revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 EPS. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CDNS shares. Oppenheimer cut their target price 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. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Robert W. Baird lifted their price target on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, May 13th. Finally, Wells Fargo & Company raised their target price on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. One investment 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. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.