Peregrine Capital Management LLC Has $20.69 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Peregrine Capital Management LLC lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.5% in the first quarter, according to its most recent filing with the SEC. The firm owned 81,367 shares of the software maker's stock after selling 2,986 shares during the quarter. Cadence Design Systems comprises approximately 0.7% of Peregrine Capital Management LLC's holdings, making the stock its 26th largest position. Peregrine Capital Management LLC's holdings in Cadence Design Systems were worth $20,694,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Valley National Advisers Inc. increased its stake in shares of Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after acquiring an additional 99 shares during the period. 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 bought a new stake in Cadence Design Systems in the fourth quarter worth about $39,000. OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the 4th quarter valued at about $46,000. Finally, Bartlett & CO. Wealth Management LLC boosted its position in shares of Cadence Design Systems by 147.3% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock valued at $47,000 after purchasing an additional 109 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on CDNS shares. Bank of America increased their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Rosenblatt Securities raised their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 29th. Mizuho lifted their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Oppenheimer reduced their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Finally, Wells Fargo & Company increased their price target on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $325.23.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction 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 transaction, the chief executive officer owned 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the director owned 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This trade represents a 3.49% 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 quarter. Corporate insiders own 0.37% of the company's stock.

Cadence Design Systems Stock Up 1.0%

Cadence Design Systems stock traded up $2.95 during trading hours on Monday, hitting $308.15. The company had a trading volume of 1,743,149 shares, compared to its average volume of 2,022,293. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $326.19. 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 market capitalization of $84.14 billion, a P/E ratio of 78.01, a price-to-earnings-growth ratio of 4.23 and a beta of 0.99. The firm's fifty day moving average is $300.72 and its 200-day moving average is $286.35.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the company earned $1.17 earnings per share. Cadence Design Systems's quarterly revenue was up 23.1% compared to the same quarter last year. On average, research 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.