Cetera Investment Advisers Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Cetera Investment Advisers has increased its stake in Cadence Design Systems by 3.2%, owning 47,459 shares valued at over $12 million.
• Cadence Design Systems' recent quarterly earnings surpassed expectations, reporting an EPS of $1.65 and revenue of $1.28 billion, reflecting a year-over-year revenue increase of 20.2%.
• Several analysts have raised their price targets for Cadence Design Systems, with Wells Fargo increasing theirs from $365 to $405 and maintaining an "overweight" rating.

Cetera Investment Advisers grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,459 shares of the software maker's stock after acquiring an additional 1,458 shares during the period. Cetera Investment Advisers' holdings in Cadence Design Systems were worth $12,070,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also 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 worth about $25,000. Valley National Advisers Inc. lifted its position 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 buying an additional 99 shares in the last quarter. Ancora Advisors LLC lifted its position 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 buying an additional 112 shares in the last quarter. Bartlett & CO. Wealth Management LLC lifted its position in shares of Cadence Design Systems by 147.3% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock worth $47,000 after buying an additional 109 shares in the last quarter. Finally, HWG Holdings LP bought a new stake in Cadence Design Systems during the first quarter worth approximately $54,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the transaction, the director owned 8,010 shares of the company's stock, valued at $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total value of $306,350.00. Following the completion of the transaction, the vice president directly owned 105,499 shares in the company, valued at approximately $32,319,618.65. This trade represents a 0.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,698 shares of company stock valued at $1,126,667 over the last quarter. 1.99% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CDNS shares. Needham & Company LLC reissued a "buy" rating and set a $390.00 price objective (up from $325.00) on shares of Cadence Design Systems in a research note on Tuesday. The Goldman Sachs Group started coverage on Cadence Design Systems in a research note on Thursday, July 10th. They set a "buy" rating and a $380.00 price objective on the stock. KeyCorp boosted their price objective on Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday. Finally, Berenberg Bank set a $400.00 price objective on Cadence Design Systems in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average price target of $364.33.

Cadence Design Systems Trading Down 2.1%

Shares of CDNS traded down $7.60 during mid-day trading on Friday, reaching $356.97. 2,069,968 shares of the company's stock traded hands, compared to its average volume of 2,097,985. The stock has a market cap of $97.47 billion, a P/E ratio of 96.48, a P/E/G ratio of 4.88 and a beta of 0.99. The stock's 50-day moving average is $312.60 and its two-hundred day moving average is $290.37. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.90.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating analysts' consensus estimates of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The firm had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.25 billion. During the same quarter in the prior year, the firm posted $1.28 earnings per share. The company's quarterly revenue was up 20.2% on a year-over-year basis. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.