7,928 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 7,928 shares of the software maker's stock, valued at approximately $2,016,000.

A number of other institutional investors have also modified their holdings of CDNS. Park Square Financial Group LLC purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $348,000. Citizens Financial Group Inc. RI boosted its holdings in shares of Cadence Design Systems by 80.6% during the fourth quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker's stock worth $2,421,000 after purchasing an additional 3,595 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Cadence Design Systems by 4.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker's stock valued at $62,935,000 after purchasing an additional 8,570 shares during the period. Royal London Asset Management Ltd. increased its stake in Cadence Design Systems by 5.2% in the fourth quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker's stock valued at $46,834,000 after purchasing an additional 7,766 shares during the last quarter. Finally, Jensen Investment Management Inc. purchased a new position in Cadence Design Systems during the fourth quarter worth about $126,571,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the transaction, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. This represents a 0.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the firm's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the sale, the vice president now directly owns 28,442 shares of the company's stock, valued at $8,532,600. The trade was a 14.21% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 19,625 shares of company stock valued at $5,972,453. Corporate insiders own 0.37% of the company's stock.

Cadence Design Systems Stock Down 0.6%

Shares of CDNS traded down $1.84 during midday trading on Monday, reaching $293.56. 1,946,880 shares of the company were exchanged, compared to its average volume of 2,013,242. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $326.19. The stock has a 50-day moving average price of $296.88 and a 200-day moving average price of $286.63. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The company has a market cap of $80.15 billion, a price-to-earnings ratio of 74.32, a P/E/G ratio of 4.09 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. Cadence Design Systems'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 posted $1.17 EPS. Research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on the company. KeyCorp lifted their price target on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. raised shares of 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 research report on Thursday, April 24th. Needham & Company LLC reiterated a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. Robert W. Baird upped their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, Bank of America increased their target price on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average price target of $325.23.

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.