Manning & Napier Advisors LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 28.4% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 635,056 shares of the software maker's stock after acquiring an additional 140,501 shares during the quarter. Cadence Design Systems comprises about 2.0% of Manning & Napier Advisors LLC's portfolio, making the stock its 13th biggest holding. Manning & Napier Advisors LLC owned approximately 0.23% of Cadence Design Systems worth $161,514,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Cadence Design Systems by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock worth $7,784,674,000 after buying an additional 201,340 shares during the last quarter. FMR LLC lifted its position 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 buying an additional 639,146 shares during the last quarter. Geode Capital Management LLC lifted its position 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 buying an additional 135,251 shares during the last quarter. Alliancebernstein L.P. raised its position in 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. raised its position in 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. 84.85% of the stock is currently owned by institutional investors.
Cadence Design Systems Stock Up 0.2%
Shares of CDNS traded up $0.73 during trading hours on Wednesday, hitting $297.53. The stock had a trading volume of 1,735,702 shares, compared to its average volume of 2,017,036. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. The firm has a 50 day simple moving average of $298.19 and a 200-day simple moving average of $286.60. The firm has a market capitalization of $81.24 billion, a P/E ratio of 75.32, a price-to-earnings-growth ratio of 4.11 and a beta of 0.98. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $326.19.
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 net margin of 22.18% and a return on equity of 29.36%. The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter last year, the firm earned $1.17 EPS. The firm's revenue for the quarter was up 23.1% compared to the same quarter last year. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.
Analysts Set New Price Targets
CDNS has been the subject of several research reports. Mizuho increased their target price on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. KeyCorp raised their target price on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. 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 report on Thursday, April 24th. Finally, Rosenblatt Securities raised their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.
Read Our Latest Analysis on CDNS
Insider Activity at Cadence Design Systems
In related news, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now directly owns 7,411 shares of the company's stock, valued at $2,038,025. This trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,625 shares of company stock worth $5,972,453. Insiders own 1.99% of the company's stock.
Cadence Design Systems Profile
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Free Report)
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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