Close Asset Management Ltd Has $18.43 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Close Asset Management Ltd lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 110.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,487 shares of the software maker's stock after purchasing an additional 38,082 shares during the quarter. Close Asset Management Ltd's holdings in Cadence Design Systems were worth $18,433,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CDNS. Legacy Capital Wealth Partners LLC boosted its holdings in Cadence Design Systems by 2.8% in the first quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock valued at $309,000 after acquiring an additional 33 shares during the last quarter. Accredited Investors Inc. raised its position in shares of Cadence Design Systems by 1.7% during the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after purchasing an additional 36 shares during the period. Principal Street Partners LLC raised its position 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 worth $437,000 after purchasing an additional 37 shares during the period. Oarsman Capital Inc. raised its position in shares of Cadence Design Systems by 3.8% during the fourth 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 period. Finally, Greenleaf Trust raised its position in shares of Cadence Design Systems by 0.7% during the first quarter. Greenleaf Trust now owns 5,802 shares of the software maker's stock worth $1,476,000 after purchasing an additional 39 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems 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 sale, the vice president owned 28,442 shares of the company's stock, valued at $8,532,600. The trade was a 14.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the business's 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 sale, the director directly owned 8,010 shares in the company, valued at approximately $2,435,040. This represents a 2.20% 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 quarter. Corporate insiders own 0.37% of the company's stock.

Cadence Design Systems Trading Up 1.0%

CDNS opened at $319.60 on Wednesday. The company's 50 day simple moving average is $308.81 and its two-hundred day simple moving average is $287.83. The firm has a market capitalization of $87.26 billion, a price-to-earnings ratio of 80.91, a price-to-earnings-growth ratio of 4.40 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 1-year low of $221.56 and a 1-year high of $330.09.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $1.24 billion. During the same quarter last year, the company posted $1.17 EPS. The firm's quarterly revenue was up 23.1% on a year-over-year basis. Analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the topic of a number of recent analyst reports. Loop Capital boosted their target price on Cadence Design Systems from $340.00 to $370.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Bank of America raised 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. The Goldman Sachs Group initiated coverage on shares of Cadence Design Systems in a research report on Thursday, July 10th. They issued a "buy" rating and a $380.00 price target for the company. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Sunday. Finally, Rosenblatt Securities boosted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $332.57.

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.

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