Fiduciary Alliance LLC Makes New $282,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fiduciary Alliance LLC acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,107 shares of the software maker's stock, valued at approximately $282,000.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $28,000. Ancora Advisors LLC grew its stake in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after acquiring an additional 112 shares during the period. Avalon Trust Co purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $39,000. OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $46,000. Finally, Synergy Investment Management LLC purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $50,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on CDNS shares. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Mizuho lifted their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Loop Capital decreased their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Finally, Oppenheimer decreased their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $325.23.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the sale, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. This represents a 0.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the company'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 completion of the sale, the vice president now owns 28,442 shares in the company, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,445 shares of company stock valued at $5,615,733 in the last ninety days. Insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Up 0.6%

Cadence Design Systems stock traded up $1.89 during trading on Thursday, reaching $296.29. 1,900,741 shares of the company's stock were exchanged, compared to its average volume of 2,018,702. The company's 50-day moving average is $284.78 and its two-hundred day moving average is $287.52. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The firm has a market cap of $80.90 billion, a price-to-earnings ratio of 76.76, a PEG ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results 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. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm's revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.17 EPS. On average, analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current 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.