Peterson Wealth Services Buys 815 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Peterson Wealth Services grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 7.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,478 shares of the software maker's stock after acquiring an additional 815 shares during the period. Peterson Wealth Services' holdings in Cadence Design Systems were worth $2,919,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Smallwood Wealth Investment Management LLC purchased a new position in shares of Cadence Design Systems during the 1st quarter valued at $25,000. Valley National Advisers Inc. boosted its holdings in Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after purchasing an additional 99 shares in the last quarter. Ancora Advisors LLC boosted its holdings in 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 purchasing an additional 112 shares in the last quarter. Bartlett & CO. Wealth Management LLC boosted its holdings in Cadence Design Systems by 147.3% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock worth $47,000 after purchasing an additional 109 shares in the last quarter. Finally, Hoey Investments Inc. bought a new stake in Cadence Design Systems in the fourth quarter worth $63,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS traded down $0.19 during mid-day trading on Thursday, hitting $326.28. 536,507 shares of the company traded hands, compared to its average volume of 2,043,353. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $330.09. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average of $309.06 and a 200 day moving average of $288.40. The stock has a market capitalization of $89.09 billion, a price-to-earnings ratio of 82.60, a PEG ratio of 4.44 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS 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 period in the prior year, the firm earned $1.17 earnings per share. Cadence Design Systems's revenue was up 23.1% compared to the same quarter last year. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CDNS. Needham & Company LLC reiterated a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, May 13th. Wall Street Zen cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. The Goldman Sachs Group began coverage on shares of Cadence Design Systems in a report on Thursday, July 10th. They set a "buy" rating and a $380.00 price target for the company. Finally, Bank of America upped their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $332.57.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems 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 value of $3,328,470.00. Following the transaction, the chief executive officer directly owned 209,548 shares of the company's stock, valued at approximately $64,959,880. This trade represents a 4.87% 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 the SEC website. Also, Director James D. Plummer sold 868 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the transaction, the director directly owned 23,996 shares in the company, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,795 shares of company stock valued at $6,065,087. 1.99% of the stock is currently owned by company insiders.

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.