Fragasso Financial Advisors Inc Has $2.42 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fragasso Financial Advisors Inc decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 12.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 9,521 shares of the software maker's stock after selling 1,328 shares during the quarter. Fragasso Financial Advisors Inc's holdings in Cadence Design Systems were worth $2,421,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in CDNS. NBC Securities Inc. grew its stake in Cadence Design Systems by 139,550.0% during the first quarter. NBC Securities Inc. now owns 2,793 shares of the software maker's stock worth $710,000 after buying an additional 2,791 shares during the last quarter. Fiduciary Alliance LLC bought a new stake in shares of Cadence Design Systems during the first quarter worth approximately $282,000. Czech National Bank boosted its position in shares of Cadence Design Systems by 5.9% in the 1st quarter. Czech National Bank now owns 62,994 shares of the software maker's stock worth $16,021,000 after purchasing an additional 3,528 shares during the last quarter. JGP Wealth Management LLC grew its position in shares of Cadence Design Systems by 2.4% during the 1st quarter. JGP Wealth Management LLC now owns 2,944 shares of the software maker's stock worth $749,000 after buying an additional 70 shares during the period. Finally, Rhumbline Advisers increased its stake in Cadence Design Systems by 2.4% in the first quarter. Rhumbline Advisers now owns 524,584 shares of the software maker's stock valued at $133,417,000 after purchasing an additional 12,476 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Ratings Changes

CDNS has been the topic of several research reports. Wall Street Zen cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their price target for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Wells Fargo & Company upped their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, May 13th. Finally, Mizuho lifted their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $325.23.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James D. Plummer sold 868 shares of the firm's 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 completion of the sale, the director now owns 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,795 shares of company stock worth $5,429,853 over the last quarter. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Up 0.4%

CDNS traded up $1.07 during midday trading on Wednesday, hitting $294.40. 1,410,369 shares of the company were exchanged, compared to its average volume of 2,015,636. The firm has a market capitalization of $80.38 billion, a P/E ratio of 76.27, a P/E/G ratio of 3.88 and a beta of 1.04. The firm's 50 day moving average price is $284.03 and its 200-day moving average price is $287.47. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the prior year, the business posted $1.17 earnings per share. The firm's revenue was up 23.1% on a year-over-year basis. As a group, equities analysts forecast 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.