Diversify Advisory Services LLC Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Diversify Advisory Services LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,781 shares of the software maker's stock, valued at approximately $962,000.

Several other large investors have also made changes to their positions in CDNS. Smallwood Wealth Investment Management LLC acquired a new position in Cadence Design Systems during the first quarter worth $25,000. Valley National Advisers Inc. raised 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 valued at $28,000 after buying an additional 99 shares during the last quarter. Ancora Advisors LLC raised 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 valued at $36,000 after buying an additional 112 shares during the last quarter. Bartlett & CO. Wealth Management LLC raised 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 valued at $47,000 after buying an additional 109 shares during the last quarter. Finally, HWG Holdings LP acquired a new stake in shares of Cadence Design Systems in the first quarter valued at about $54,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Scannell sold 4,710 shares of the stock in a transaction that occurred on 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 completion of the sale, the vice president owned 28,442 shares of the company's stock, valued at approximately $8,532,600. This represents a 14.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $54,720.00. Following the sale, the director directly owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,975 shares of company stock worth $6,114,587. Insiders own 1.99% of the company's stock.

Analysts Set New Price Targets

CDNS has been the subject of a number of analyst reports. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Loop Capital upped their price objective on shares of Cadence Design Systems from $340.00 to $370.00 and gave the company a "buy" rating in a report on Monday, July 14th. Bank of America increased their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. KeyCorp reaffirmed an "overweight" rating and set a $358.00 target price (up previously from $340.00) on shares of Cadence Design Systems in a research note on Thursday, July 10th. Finally, Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus target price of $330.07.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded down $5.29 during trading on Friday, reaching $315.57. The company's stock had a trading volume of 1,390,857 shares, compared to its average volume of 2,019,433. The company has a 50-day moving average price of $308.81 and a two-hundred day moving average price of $287.90. The firm has a market cap of $86.16 billion, a PE ratio of 79.89, a P/E/G ratio of 4.38 and a beta of 0.99. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $330.09. The company has a current ratio of 3.07, a quick ratio of 2.90 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 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. Cadence Design Systems's quarterly revenue was up 23.1% on a year-over-year basis. During the same period last year, the firm posted $1.17 EPS. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.