Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Novem Group

Novem Group grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 30.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,067 shares of the software maker's stock after purchasing an additional 945 shares during the period. Novem Group's holdings in Cadence Design Systems were worth $1,034,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Smallwood Wealth Investment Management LLC acquired a new position in Cadence Design Systems during the 1st quarter worth approximately $25,000. Valley National Advisers Inc. boosted its stake in shares of Cadence Design Systems by 707.1% in the first 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 grew its holdings in Cadence Design Systems by 1,400.0% during the fourth 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 purchased a new position in Cadence Design Systems in the fourth quarter worth $39,000. Finally, OFI Invest Asset Management purchased a new position in Cadence Design Systems in the fourth quarter worth $46,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded up $17.54 during trading hours on Friday, reaching $328.49. 2,274,696 shares of the company traded hands, compared to its average volume of 2,028,063. 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's 50-day moving average is $304.73 and its 200-day moving average is $286.79. The stock has a market cap of $89.69 billion, a P/E ratio of 83.16, a P/E/G ratio of 4.31 and a beta of 0.99. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $330.09.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The firm 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 firm's quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.17 EPS. Equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total transaction of $306,350.00. Following the sale, the vice president owned 105,499 shares in the company, valued at approximately $32,319,618.65. This trade represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the business's stock in a transaction 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 completion of the transaction, the vice president owned 28,442 shares of the company's stock, valued at $8,532,600. This trade represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,975 shares of company stock valued at $6,114,587. 1.99% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CDNS shares. Robert W. Baird upped their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Wells Fargo & Company boosted their price objective 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. KeyCorp increased 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. Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. Finally, Oppenheimer lowered their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $325.23.

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.