Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Capital Investment Advisory Services LLC

Capital Investment Advisory Services LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 48.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 3,044 shares of the software maker's stock after purchasing an additional 993 shares during the period. Capital Investment Advisory Services LLC's holdings in Cadence Design Systems were worth $774,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of CDNS. Norges Bank bought a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $1,170,209,000. GAMMA Investing LLC grew its position in shares of Cadence Design Systems by 31,049.1% during the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock valued at $309,835,000 after acquiring an additional 1,214,330 shares during the period. Schroder Investment Management Group lifted its stake in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after buying an additional 716,041 shares in the last quarter. FMR LLC lifted its stake in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after buying an additional 639,146 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after buying an additional 632,175 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of the company'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 transaction, the vice president directly owned 28,442 shares in the company, valued at approximately $8,532,600. This represents a 14.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James D. Plummer sold 868 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the transaction, the director owned 23,996 shares in the company, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,975 shares of company stock worth $6,114,587. Company insiders own 0.37% of the company's stock.

Cadence Design Systems Stock Down 0.4%

Shares of NASDAQ:CDNS traded down $1.38 during trading on Wednesday, hitting $321.90. 575,714 shares of the company were exchanged, compared to its average volume of 2,031,145. The stock has a market capitalization of $87.89 billion, a P/E ratio of 81.49, a PEG ratio of 4.44 and a beta of 0.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $330.09. The firm's 50 day moving average price is $306.62 and its 200-day moving average price is $287.10.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating 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 firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the firm earned $1.17 EPS. Cadence Design Systems's revenue for the quarter was up 23.1% on a year-over-year basis. On average, research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CDNS. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Oppenheimer decreased their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Mizuho upped their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Finally, Bank of America lifted their price target 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 analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

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.