Exchange Traded Concepts LLC Has $18.03 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Exchange Traded Concepts LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 45.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 70,891 shares of the software maker's stock after purchasing an additional 22,204 shares during the quarter. Exchange Traded Concepts LLC's holdings in Cadence Design Systems were worth $18,030,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Factory Mutual Insurance Co. increased its position in shares of Cadence Design Systems by 18.7% during the 1st quarter. Factory Mutual Insurance Co. now owns 208,971 shares of the software maker's stock worth $53,148,000 after purchasing an additional 32,900 shares in the last quarter. Dynamic Advisor Solutions LLC increased its holdings in shares of Cadence Design Systems by 9.5% during the first quarter. Dynamic Advisor Solutions LLC now owns 3,613 shares of the software maker's stock worth $919,000 after buying an additional 313 shares in the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of Cadence Design Systems during the first quarter worth approximately $78,000. BNC Wealth Management LLC raised its stake in shares of Cadence Design Systems by 0.8% in the first quarter. BNC Wealth Management LLC now owns 23,105 shares of the software maker's stock valued at $5,876,000 after acquiring an additional 174 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV acquired a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $5,251,000. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CDNS shares. Wells Fargo & Company raised their price target on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Rosenblatt Securities raised 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. Mizuho upped their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, Needham & Company LLC restated a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and an average price target of $325.23.

Insider Activity

In other news, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer now owns 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares of the company's stock, valued at approximately $27,486,979.36. The trade was a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,625 shares of company stock valued at $5,670,453 in the last quarter. Company insiders own 0.37% of the company's stock.

Cadence Design Systems Trading Down 2.5%

Shares of Cadence Design Systems stock traded down $7.85 on Friday, hitting $300.00. 1,188,835 shares of the company's stock traded hands, compared to its average volume of 2,023,501. The firm's 50-day moving average price is $292.59 and its two-hundred day moving average price is $287.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock has a market capitalization of $81.91 billion, a PE ratio of 77.72, a price-to-earnings-growth ratio of 3.88 and a beta of 0.99. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the previous year, the firm earned $1.17 earnings per share. The firm's quarterly revenue was up 23.1% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

About Cadence Design Systems

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.