Paragon Advisors LLC Raises Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Paragon Advisors LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 12.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,684 shares of the software maker's stock after purchasing an additional 874 shares during the quarter. Paragon Advisors LLC's holdings in Cadence Design Systems were worth $1,954,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter worth about $28,000. Ancora Advisors LLC raised its holdings in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares during the period. Avalon Trust Co purchased a new position in Cadence Design Systems during the 4th quarter valued at $39,000. OFI Invest Asset Management bought a new position in Cadence Design Systems in the 4th quarter valued at $46,000. Finally, Synergy Investment Management LLC purchased a new stake in Cadence Design Systems in the fourth quarter worth $50,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CDNS. Loop Capital decreased their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Wells Fargo & Company upped their target price on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Rosenblatt Securities raised their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. Mizuho lifted their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. 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's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $325.23.

Cadence Design Systems Stock Up 1.3%

NASDAQ:CDNS traded up $4.03 during mid-day trading on Tuesday, hitting $305.69. 1,603,251 shares of the company's stock traded hands, compared to its average volume of 2,024,127. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The company has a market capitalization of $83.47 billion, a P/E ratio of 79.19, a P/E/G ratio of 3.88 and a beta of 0.98. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a fifty day moving average of $287.12 and a 200 day moving average of $287.20.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results 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 company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Cadence Design Systems's revenue for the quarter was up 23.1% on a year-over-year basis. During the same period last year, the business earned $1.17 EPS. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer now owns 209,548 shares of the company's stock, valued at $64,959,880. This trade represents a 4.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction that occurred on 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 transaction, the vice president now directly owns 28,442 shares of the company's stock, valued at approximately $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. In the last 90 days, insiders have sold 18,445 shares of company stock worth $5,615,733. 1.99% of the stock is currently owned by insiders.

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.