Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Great Valley Advisor Group Inc.

Great Valley Advisor Group Inc. boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,694 shares of the software maker's stock after purchasing an additional 941 shares during the quarter. Great Valley Advisor Group Inc.'s holdings in Cadence Design Systems were worth $9,823,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CDNS. Ameriflex Group Inc. bought a new position in Cadence Design Systems during the fourth quarter valued at $66,000. Mackenzie Financial Corp grew its holdings in Cadence Design Systems by 1.0% during the 4th quarter. Mackenzie Financial Corp now owns 1,286,331 shares of the software maker's stock worth $386,491,000 after acquiring an additional 13,280 shares in the last quarter. Baer Investment Advisory LLC bought a new position in Cadence Design Systems during the 4th quarter worth about $2,589,000. Toronto Dominion Bank grew its holdings in Cadence Design Systems by 3.7% during the 4th quarter. Toronto Dominion Bank now owns 156,061 shares of the software maker's stock worth $46,890,000 after acquiring an additional 5,551 shares in the last quarter. Finally, Blue Sky Capital Consultants Group Inc. bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $267,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In related news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the sale, the vice president now owns 28,442 shares of the company's stock, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director now directly owns 23,996 shares in the company, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,445 shares of company stock valued at $5,594,127. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded down $4.11 during trading on Thursday, hitting $284.50. 6,280,118 shares of the stock traded hands, compared to its average volume of 2,018,409. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market cap of $77.68 billion, a price-to-earnings ratio of 73.70, a P/E/G ratio of 3.88 and a beta of 1.04. The company has a fifty day moving average price of $282.17 and a two-hundred day moving average price of $287.85. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business's quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 EPS. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CDNS. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Oppenheimer decreased their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Bank of America increased their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, Piper Sandler increased their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. 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 stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus price target 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.