Lountzis Asset Management LLC Buys Shares of 44,413 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lountzis Asset Management LLC bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 44,413 shares of the software maker's stock, valued at approximately $11,296,000. Cadence Design Systems comprises about 4.3% of Lountzis Asset Management LLC's portfolio, making the stock its 9th biggest holding.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Cadence Design Systems by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after purchasing an additional 201,340 shares during the last quarter. FMR LLC increased its holdings in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Cadence Design Systems by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock valued at $1,806,019,000 after purchasing an additional 135,251 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after purchasing an additional 632,175 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Cadence Design Systems by 5.2% in the fourth quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker's stock valued at $1,448,718,000 after purchasing an additional 238,535 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CDNS. Bank of America increased their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. The Goldman Sachs Group started coverage on Cadence Design Systems in a research note on Thursday. They set a "buy" rating and a $380.00 target price for the company. Mizuho raised their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Finally, Robert W. Baird raised their target price on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $327.93.

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director directly owned 8,010 shares in the company, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James D. Plummer sold 868 shares of the company's 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 transaction, the director directly owned 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This represents 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 in the last 90 days. Insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Down 0.2%

Shares of NASDAQ CDNS opened at $322.39 on Thursday. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $330.09. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The stock has a fifty day simple moving average of $307.12 and a 200-day simple moving average of $287.35. The stock has a market capitalization of $88.02 billion, a PE ratio of 81.60, a PEG ratio of 4.48 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results 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 firm had revenue of $1.24 billion during the quarter, compared to analyst estimates 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 revenue was up 23.1% compared to the same quarter last year. During the same period last year, the business posted $1.17 earnings per share. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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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