Kesler Norman & Wride LLC Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kesler Norman & Wride LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,685 shares of the software maker's stock, valued at approximately $683,000.

Other large investors also recently made changes to their positions in the company. Smallwood Wealth Investment Management LLC purchased a new position in shares of Cadence Design Systems during the 1st quarter worth $25,000. Valley National Advisers Inc. lifted its stake in shares of Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after purchasing an additional 99 shares during the period. Ancora Advisors LLC increased its holdings in shares of Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares during the last quarter. Avalon Trust Co acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth $39,000. Finally, Bartlett & CO. Wealth Management LLC increased its holdings in shares of Cadence Design Systems by 147.3% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock worth $47,000 after buying an additional 109 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Down 0.6%

Shares of NASDAQ CDNS opened at $320.60 on Friday. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $330.09. The company has a market cap of $87.54 billion, a P/E ratio of 81.16, a P/E/G ratio of 4.47 and a beta of 0.99. 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 stock has a fifty day moving average price of $307.83 and a 200 day moving average price of $287.56.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) 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 the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The firm's quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.17 EPS. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CDNS. Bank of America upped their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Rosenblatt Securities upped their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. Wall Street Zen upgraded Cadence Design Systems from a "hold" rating to a "buy" rating in a report on Saturday. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Finally, KeyCorp upped their price objective on Cadence Design Systems from $340.00 to $358.00 and gave the stock an "overweight" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $327.93.

Insider Activity at Cadence Design Systems

In other news, Director James D. Plummer sold 868 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the sale, the director directly owned 23,996 shares in the company, valued at $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the sale, the chief executive officer owned 209,548 shares of the company's stock, valued at $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,975 shares of company stock valued at $6,114,587. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Company 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.

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