Global Assets Advisory LLC Grows Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Global Assets Advisory LLC increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 179.9% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 4,153 shares of the software maker's stock after acquiring an additional 2,669 shares during the period. Global Assets Advisory LLC's holdings in Cadence Design Systems were worth $1,046,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. International Assets Investment Management LLC increased its position in shares of Cadence Design Systems by 60.3% during the first quarter. International Assets Investment Management LLC now owns 1,359 shares of the software maker's stock valued at $346,000 after acquiring an additional 511 shares during the last quarter. Petros Family Wealth LLC boosted its position in shares of Cadence Design Systems by 19.3% during the 1st quarter. Petros Family Wealth LLC now owns 1,245 shares of the software maker's stock worth $317,000 after purchasing an additional 201 shares during the period. Legacy Advisors LLC increased its holdings in Cadence Design Systems by 28.3% in the 1st quarter. Legacy Advisors LLC now owns 6,499 shares of the software maker's stock valued at $1,653,000 after purchasing an additional 1,434 shares during the last quarter. Asset Management One Co. Ltd. raised its position in Cadence Design Systems by 7.1% in the first quarter. Asset Management One Co. Ltd. now owns 117,846 shares of the software maker's stock valued at $29,972,000 after purchasing an additional 7,788 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its stake in Cadence Design Systems by 3.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 28,180 shares of the software maker's stock worth $7,167,000 after purchasing an additional 985 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company lifted their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Mizuho raised their target price on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. KeyCorp boosted their price target on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Robert W. Baird increased their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Finally, Rosenblatt Securities lifted 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has an average rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Stock Up 2.1%

Cadence Design Systems stock traded up $6.16 during trading on Thursday, reaching $303.69. The stock had a trading volume of 2,122,100 shares, compared to its average volume of 2,020,957. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $326.19. The stock has a market cap of $82.92 billion, a PE ratio of 76.88, a P/E/G ratio of 4.11 and a beta of 0.98. The business has a 50 day moving average price of $298.96 and a 200 day moving average price of $286.68.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.07. The business 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 22.18% and a return on equity of 29.36%. The company's revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.17 EPS. On average, analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director now owns 8,010 shares of the company's stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business'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 completion of the sale, the vice president now directly owns 108,799 shares of the company's stock, valued at $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. In the last 90 days, insiders have sold 19,625 shares of company stock worth $5,972,453. 1.99% of the stock is currently owned by insiders.

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.