Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Raised by Linden Thomas Advisory Services LLC

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

Several other hedge funds have also bought and sold shares of CDNS. Smallwood Wealth Investment Management LLC purchased a new position in shares of Cadence Design Systems during the 1st quarter valued at approximately $25,000. Valley National Advisers Inc. lifted its position in shares of Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after buying an additional 99 shares in the last quarter. Ancora Advisors LLC lifted its position in shares of Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after buying an additional 112 shares in the last quarter. Avalon Trust Co purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $39,000. Finally, OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $46,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insiders Place Their Bets

In other news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director owned 23,996 shares in the company, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director owned 8,010 shares of the company's stock, valued at $2,435,040. The trade was a 2.20% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,975 shares of company stock worth $6,114,587. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Down 0.1%

Shares of NASDAQ CDNS traded down $0.38 during mid-day trading on Thursday, reaching $322.53. 551,435 shares of the company's stock were exchanged, compared to its average volume of 2,030,201. The firm has a market capitalization of $88.06 billion, a price-to-earnings ratio of 81.61, a PEG ratio of 4.48 and a beta of 0.99. 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, Inc. has a 52-week low of $221.56 and a 52-week high of $330.09. The company's 50-day moving average is $307.12 and its 200-day moving average is $287.35.

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

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their target price on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Bank of America increased their target price on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Oppenheimer reduced their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Mizuho increased their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Finally, The Goldman Sachs Group began coverage on Cadence Design Systems in a research note on Thursday. They issued a "buy" rating and a $380.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $327.93.

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.