Charles Schwab Investment Management Inc. Has $452.67 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Cadence Design Systems by 4.3%, acquiring an additional 73,719 shares during the first quarter, bringing their total ownership to approximately $452.67 million.
• Several institutional investors have made recent adjustments to their positions in Cadence Design Systems, with 84.85% of the stock currently owned by hedge funds and institutional investors.
• Cadence Design Systems reported $1.65 earnings per share (EPS) for the last quarter, exceeding estimates, with revenue also surpassing analyst expectations at $1.28 billion.

Charles Schwab Investment Management Inc. lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,779,848 shares of the software maker's stock after purchasing an additional 73,719 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.65% of Cadence Design Systems worth $452,669,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. ASR Vermogensbeheer N.V. acquired a new stake in Cadence Design Systems in the 1st quarter valued at $3,924,000. Jensen Investment Management Inc. boosted its stake in Cadence Design Systems by 29.9% in the 1st quarter. Jensen Investment Management Inc. now owns 547,156 shares of the software maker's stock valued at $139,158,000 after buying an additional 125,899 shares in the last quarter. WealthShield Partners LLC boosted its stake in Cadence Design Systems by 23.1% in the 1st quarter. WealthShield Partners LLC now owns 6,585 shares of the software maker's stock valued at $1,675,000 after buying an additional 1,236 shares in the last quarter. AXS Investments LLC boosted its stake in Cadence Design Systems by 7.2% in the 1st quarter. AXS Investments LLC now owns 8,778 shares of the software maker's stock valued at $2,233,000 after buying an additional 592 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Cadence Design Systems by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock valued at $6,698,834,000 after buying an additional 429,955 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the sale, the director directly owned 8,010 shares in the company, valued at $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James D. Plummer sold 868 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the sale, the director owned 23,996 shares of the company's stock, valued at $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 quarter, insiders sold 4,698 shares of company stock worth $1,485,387. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Down 0.6%

Shares of CDNS stock traded down $2.27 on Friday, reaching $352.06. 1,373,011 shares of the stock were exchanged, compared to its average volume of 1,967,863. The stock has a market cap of $95.93 billion, a PE ratio of 95.15, a P/E/G ratio of 4.62 and a beta of 0.97. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year 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 2.67. The stock has a 50 day moving average price of $319.34 and a 200 day moving average price of $292.47.

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Loop Capital boosted their price target on Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. The Goldman Sachs Group began coverage on Cadence Design Systems in a research note on Thursday, July 10th. They issued a "buy" rating and a $380.00 price target on the stock. Rosenblatt Securities reissued a "neutral" rating and issued a $300.00 price objective on shares of Cadence Design Systems in a research note on Friday, July 25th. Robert W. Baird boosted their price objective on Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Finally, Bank of America boosted their price objective 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, Cadence Design Systems has an average rating of "Moderate Buy" and an average target price of $364.33.

Cadence Design Systems Company 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.