Colonial River Investments LLC Invests $468,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Colonial River Investments LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,842 shares of the software maker's stock, valued at approximately $468,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC increased its holdings in shares of Cadence Design Systems by 80.2% in the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after acquiring an additional 676 shares during the period. Highview Capital Management LLC DE increased its holdings in shares of Cadence Design Systems by 2.7% in the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock worth $1,894,000 after acquiring an additional 163 shares during the period. Simmons Bank increased its stake in shares of Cadence Design Systems by 7.5% in the fourth quarter. Simmons Bank now owns 1,435 shares of the software maker's stock valued at $431,000 after purchasing an additional 100 shares during the period. Whipplewood Advisors LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $157,000. Finally, New York Life Investment Management LLC increased its stake in shares of Cadence Design Systems by 1.6% in the fourth quarter. New York Life Investment Management LLC now owns 41,290 shares of the software maker's stock valued at $12,406,000 after purchasing an additional 657 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on CDNS shares. JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their target price for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Bank of America raised their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Finally, Oppenheimer lowered their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $325.23.

Insider Transactions at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the transaction, the director now owns 7,411 shares in the company, valued at approximately $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director now directly owns 23,996 shares in the company, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,625 shares of company stock valued at $5,972,453 over the last ninety days. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Up 0.5%

Cadence Design Systems stock opened at $305.20 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The firm has a market cap of $83.33 billion, a price-to-earnings ratio of 77.27, a price-to-earnings-growth ratio of 4.21 and a beta of 0.98. The firm's 50 day moving average price is $300.72 and its two-hundred day moving average price is $286.65. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $326.19.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations 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 quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.17 EPS. On average, research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS 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.

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.