Monte Financial Group LLC Boosts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Monte Financial Group LLC lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 155.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,517 shares of the software maker's stock after buying an additional 2,751 shares during the quarter. Monte Financial Group LLC's holdings in Cadence Design Systems were worth $1,175,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of CDNS. Ancora Advisors LLC grew its holdings 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 worth $36,000 after acquiring an additional 112 shares during the period. Avalon Trust Co bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $39,000. OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the fourth quarter worth $46,000. Synergy Investment Management LLC bought a new position in Cadence Design Systems in the fourth quarter worth $50,000. Finally, Intact Investment Management Inc. purchased a new position in Cadence Design Systems during the fourth quarter valued at $60,000. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $295.40 on Friday. The company has a market cap of $80.66 billion, a price-to-earnings ratio of 74.78, a P/E/G ratio of 4.11 and a beta of 0.98. The business's fifty day simple moving average is $296.88 and its two-hundred day simple moving average is $287.01. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $326.19. The company has a current ratio of 3.07, a quick ratio of 2.90 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 (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $1.24 billion. During the same period in the prior year, the company posted $1.17 earnings per share. The company's quarterly revenue was up 23.1% on a year-over-year basis. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $302.00, for a total value of $302,000.00. Following the transaction, the vice president now directly owns 106,499 shares of the company's stock, valued at approximately $32,162,698. This trade represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the sale, the vice president now directly owns 28,442 shares of the company's stock, valued at $8,532,600. The trade was a 14.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,625 shares of company stock worth $5,972,453 in the last ninety days. Insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CDNS shares. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. Oppenheimer dropped their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday, May 13th. KeyCorp lifted their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Finally, Robert W. Baird upped their price target 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 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 company. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Profile

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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