Keybank National Association OH boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 9.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,902 shares of the software maker's stock after purchasing 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 reporting period.
Other large investors also recently bought and sold shares of the company. Accredited Investors Inc. raised its stake in shares of Cadence Design Systems by 1.7% in the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after acquiring an additional 36 shares during the period. Principal Street Partners LLC raised its stake in shares of Cadence Design Systems by 2.6% in the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock valued at $437,000 after acquiring an additional 37 shares during the period. Lindbrook Capital LLC grew its holdings in Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock valued at $670,000 after purchasing an additional 38 shares in the last quarter. Oarsman Capital Inc. grew its holdings in Cadence Design Systems by 3.8% during the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after purchasing an additional 38 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its holdings in Cadence Design Systems by 3.9% during the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,072 shares of the software maker's stock valued at $285,000 after purchasing an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.
Cadence Design Systems Price Performance
Shares of CDNS stock traded down $7.03 during midday trading on Monday, reaching $319.78. 1,010,238 shares of the company were exchanged, compared to its average volume of 2,027,764. 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 $87.31 billion, a P/E ratio of 81.21, a PEG ratio of 4.53 and a beta of 0.99. The company's 50 day moving average price is $305.50 and its two-hundred day moving average price is $286.72. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the firm earned $1.17 EPS. The business's revenue for the quarter was up 23.1% on a year-over-year basis. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on CDNS shares. KeyCorp raised their price target on shares of 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 raised their price objective for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. 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 report on Wednesday, March 19th. Bank of America raised their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, Rosenblatt Securities raised their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.
Read Our Latest Research Report on CDNS
Insiders Place Their Bets
In related news, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total transaction of $306,350.00. Following the transaction, the vice president directly owned 105,499 shares of the company's stock, valued at approximately $32,319,618.65. The trade was a 0.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James D. Plummer sold 868 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the transaction, the director directly owned 23,996 shares in the company, valued at $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,975 shares of company stock valued at $6,114,587 over the last 90 days. 0.37% of the stock is owned by corporate insiders.
Cadence Design Systems Company Profile
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Free Report)
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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