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

Legacy Advisors LLC boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 28.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,499 shares of the software maker's stock after purchasing an additional 1,434 shares during the quarter. Legacy Advisors LLC's holdings in Cadence Design Systems were worth $1,653,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Cadence Design Systems by 0.8% in 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 during the period. FMR LLC raised its holdings in shares of 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 acquiring an additional 639,146 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 acquiring an additional 135,251 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of 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 acquiring an additional 632,175 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of 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 acquiring an additional 238,535 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CDNS has been the topic of several recent research reports. 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. Oppenheimer decreased their price objective 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. Wells Fargo & Company upped their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. 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. Finally, KeyCorp increased 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $293.56 on Tuesday. The stock's fifty day moving average is $297.54 and its two-hundred day moving average is $286.53. The company has a market capitalization of $80.15 billion, a PE ratio of 74.32, a price-to-earnings-growth ratio of 4.09 and a beta of 0.99. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $326.19.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate 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 return on equity of 29.36% and a net margin of 22.18%. Cadence Design Systems's quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.17 EPS. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. This represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,625 shares of company stock valued at $5,972,453 in the last quarter. 0.37% of the stock is owned by insiders.

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.

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