Linden Thomas Advisory Services LLC Has $3.94 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Linden Thomas Advisory Services LLC boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,493 shares of the software maker's stock after purchasing an additional 820 shares during the quarter. Linden Thomas Advisory Services LLC's holdings in Cadence Design Systems were worth $3,940,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CDNS. Smallwood Wealth Investment Management LLC purchased a new position in Cadence Design Systems during the 1st quarter worth $25,000. Valley National Advisers Inc. boosted its holdings in 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 acquiring an additional 99 shares during the last quarter. Ancora Advisors LLC boosted its holdings in 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 acquiring an additional 112 shares during the last quarter. Avalon Trust Co purchased a new position in Cadence Design Systems during the 4th quarter worth $39,000. Finally, OFI Invest Asset Management purchased a new position in Cadence Design Systems during the 4th quarter worth $46,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 0.9%

Shares of CDNS opened at $323.28 on Wednesday. The business's 50-day moving average price is $306.62 and its 200-day moving average price is $287.10. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $330.09. The stock has a market cap of $88.27 billion, a PE ratio of 81.84, a P/E/G ratio of 4.44 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 (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the prior year, the business posted $1.17 earnings per share. The company's revenue was up 23.1% on a year-over-year basis. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CDNS shares. Rosenblatt Securities lifted 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. Oppenheimer cut their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Mizuho boosted their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Insider Activity

In related news, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the transaction, the vice president directly owned 28,442 shares in the company, valued at approximately $8,532,600. This represents a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,975 shares of company stock valued at $6,114,587. 0.37% of the stock is currently 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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