Crestwood Advisors Group LLC Purchases 2,972 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Crestwood Advisors Group LLC increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 393.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,728 shares of the software maker's stock after buying an additional 2,972 shares during the quarter. Crestwood Advisors Group LLC's holdings in Cadence Design Systems were worth $948,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of CDNS. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 13.2% during the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock worth $2,305,489,000 after purchasing an additional 1,054,702 shares in the last quarter. FMR LLC grew 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 purchasing an additional 639,146 shares during the last quarter. Geode Capital Management LLC increased its position in Cadence Design Systems by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock worth $1,806,019,000 after buying an additional 135,251 shares during the period. Alliancebernstein L.P. increased its position in Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after buying an additional 632,175 shares during the period. Finally, Franklin Resources Inc. grew its position in Cadence Design Systems by 5.2% during the fourth quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker's stock worth $1,448,718,000 after buying an additional 238,535 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Down 0.6%

CDNS traded down $1.82 during trading on Thursday, hitting $324.64. The company had a trading volume of 1,649,398 shares, compared to its average volume of 2,051,540. The company has a market capitalization of $88.64 billion, a PE ratio of 82.19, a PEG ratio of 4.44 and a beta of 0.99. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $330.09. The firm's 50-day moving average price is $309.06 and its 200 day moving average price is $288.40. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate 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 net margin of 22.18% and a return on equity of 29.36%. The firm's revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.17 EPS. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CDNS shares. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Rosenblatt Securities lifted their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. Loop Capital lifted their target price on shares of Cadence Design Systems from $340.00 to $370.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Bank of America lifted 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. Finally, Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research report 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 stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $332.57.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of the business's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the sale, the vice president directly owned 28,442 shares of the company's stock, valued at $8,532,600. The trade was a 14.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the sale, the vice president directly owned 105,499 shares in the company, valued at $32,319,618.65. This trade represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,795 shares of company stock worth $6,065,087 in the last ninety days. 1.99% of the stock is owned by insiders.

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.