Legacy Advisors LLC Acquires 1,434 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Legacy Advisors LLC raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 28.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,499 shares of the software maker's stock after buying an additional 1,434 shares during the period. Legacy Advisors LLC's holdings in Cadence Design Systems were worth $1,653,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ancora Advisors LLC increased its holdings in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after purchasing an additional 112 shares in the last quarter. Avalon Trust Co purchased a new position in Cadence Design Systems in the fourth quarter valued at about $39,000. OFI Invest Asset Management bought a new position in Cadence Design Systems during the 4th quarter valued at $46,000. Synergy Investment Management LLC acquired a new position in Cadence Design Systems during the 4th quarter worth $50,000. Finally, Intact Investment Management Inc. bought a new stake in shares of Cadence Design Systems in the 4th quarter worth about $60,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CDNS shares. Oppenheimer reduced their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Rosenblatt Securities lifted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. Bank of America increased their price target 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. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their target price for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares of the company's stock, valued at $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the transaction, the chief executive officer now directly owns 209,548 shares of the company's stock, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,625 shares of company stock worth $5,972,453 over the last 90 days. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Up 0.5%

Shares of Cadence Design Systems stock traded up $1.51 on Friday, hitting $305.20. The company had a trading volume of 2,331,038 shares, compared to its average volume of 2,024,552. The firm has a market capitalization of $83.33 billion, a P/E ratio of 77.27, a P/E/G ratio of 4.12 and a beta of 0.98. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $326.19. The stock has a 50-day moving average of $299.82 and a 200-day moving average of $286.64. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The firm's revenue was up 23.1% compared to the same quarter last year. During the same period last year, the company earned $1.17 earnings per share. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.