Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by GAM Holding AG

GAM Holding AG boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 8.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,188 shares of the software maker's stock after buying an additional 1,881 shares during the period. GAM Holding AG's holdings in Cadence Design Systems were worth $6,152,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Cadence Design Systems by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after purchasing an additional 201,340 shares during the last quarter. FMR LLC raised its holdings in shares of Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after buying an additional 639,146 shares during the period. Geode Capital Management LLC raised its holdings in shares of 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 valued at $1,806,019,000 after buying an additional 135,251 shares during the period. Alliancebernstein L.P. raised its holdings in shares of 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 valued at $1,705,469,000 after buying an additional 632,175 shares during the period. Finally, Franklin Resources Inc. raised its holdings in shares of Cadence Design Systems by 5.2% in the 4th quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker's stock valued at $1,448,718,000 after buying an additional 238,535 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Trading Down 0.5%

Cadence Design Systems stock traded down $1.44 during midday trading on Friday, reaching $295.40. The stock had a trading volume of 2,372,758 shares, compared to its average volume of 2,012,757. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $326.19. The stock has a market capitalization of $80.66 billion, a PE ratio of 74.78, a price-to-earnings-growth ratio of 4.09 and a beta of 0.99. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The stock's 50-day simple moving average is $296.88 and its 200 day simple moving average is $286.75.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results 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. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter last year, the firm earned $1.17 earnings per share. The firm's revenue for the quarter was up 23.1% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares of the company's stock, valued at approximately $2,038,025. This represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,625 shares of company stock valued at $5,972,453 over the last three months. 0.37% of the stock is owned by company insiders.

Analysts Set New Price Targets

CDNS has been the topic of several research analyst reports. Bank of America boosted their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Needham & Company LLC restated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. Mizuho upped their price target on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Oppenheimer cut their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems 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.