Cerity Partners LLC Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cerity Partners LLC boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 11.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,785 shares of the software maker's stock after purchasing an additional 1,987 shares during the quarter. Cerity Partners LLC's holdings in Cadence Design Systems were worth $4,777,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $1,170,209,000. GAMMA Investing LLC lifted its holdings in Cadence Design Systems by 31,049.1% in the first 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 increased its position in shares of Cadence Design Systems by 53.1% in the fourth 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 increased its position in shares of Cadence Design Systems by 8.7% in the fourth 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. increased its position in shares of Cadence Design Systems by 12.5% in the fourth 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. Institutional investors own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CDNS. Oppenheimer dropped their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. KeyCorp reiterated an "overweight" rating and set a $358.00 price target (up from $340.00) on shares of Cadence Design Systems in a report on Thursday, July 10th. Bank of America increased their target price 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. Rosenblatt Securities increased their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 29th. Finally, Wells Fargo & Company increased their price target 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, one has issued a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average price target of $330.07.

Insider Activity

In related news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated 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 approximately $2,435,040. This trade represents a 2.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total value of $306,350.00. Following the sale, the vice president owned 105,499 shares of the company's stock, valued at approximately $32,319,618.65. This represents a 0.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,975 shares of company stock valued at $6,114,587 in the last 90 days. Insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded up $6.28 during midday trading on Thursday, hitting $320.86. The company had a trading volume of 1,275,781 shares, compared to its average volume of 2,032,749. The company's 50 day simple moving average is $308.36 and its 200 day simple moving average is $287.75. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $330.09. The stock has a market cap of $87.61 billion, a price-to-earnings ratio of 81.23, a PEG ratio of 4.37 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 (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The company's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.17 earnings per share. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.