Keybank National Association OH Raises Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Keybank National Association OH boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 9.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,902 shares of the software maker's stock after buying an additional 980 shares during the period. Keybank National Association OH's holdings in Cadence Design Systems were worth $2,773,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CDNS. Vanguard Group Inc. increased its holdings in Cadence Design Systems by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock worth $7,784,674,000 after purchasing an additional 201,340 shares in the last quarter. FMR LLC increased its holdings in Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Geode Capital Management LLC increased its holdings in Cadence Design Systems by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock worth $1,806,019,000 after purchasing an additional 135,251 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after purchasing an additional 632,175 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Cadence Design Systems by 5.2% during the 4th quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker's stock worth $1,448,718,000 after purchasing an additional 238,535 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded up $17.54 during trading on Friday, hitting $328.49. The stock had a trading volume of 2,274,696 shares, compared to its average volume of 2,031,684. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $330.09. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The stock's 50 day moving average is $305.50 and its two-hundred day moving average is $286.81. The stock has a market cap of $89.69 billion, a price-to-earnings ratio of 83.16, a price-to-earnings-growth ratio of 4.53 and a beta of 0.99.

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 (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 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 business's quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.17 earnings per share. As a group, 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 James D. Plummer sold 868 shares of the 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 owned 23,996 shares in the company, valued at $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total value of $306,350.00. Following the completion of the sale, the vice president owned 105,499 shares in the company, valued at $32,319,618.65. This trade represents a 0.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,975 shares of company stock valued at $6,114,587. 0.37% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CDNS. Rosenblatt Securities boosted 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. Oppenheimer reduced their target price 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Tuesday, May 13th. KeyCorp upped their target price on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Finally, JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their target price for the company from $300.00 to $325.00 in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock 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.