Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by PFG Advisors

PFG Advisors lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 36.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,066 shares of the software maker's stock after buying an additional 3,478 shares during the period. PFG Advisors' holdings in Cadence Design Systems were worth $3,323,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Legacy Capital Wealth Partners LLC boosted its stake in shares of Cadence Design Systems by 2.8% during the first quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock worth $309,000 after buying an additional 33 shares during the period. Accredited Investors Inc. raised its holdings in Cadence Design Systems by 1.7% during the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after purchasing an additional 36 shares in the last quarter. Principal Street Partners LLC raised its holdings in Cadence Design Systems by 2.6% during the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock worth $437,000 after purchasing an additional 37 shares in the last quarter. Oarsman Capital Inc. raised its holdings in Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock worth $313,000 after purchasing an additional 38 shares in the last quarter. Finally, Greenleaf Trust raised its holdings in Cadence Design Systems by 0.7% during the first quarter. Greenleaf Trust now owns 5,802 shares of the software maker's stock worth $1,476,000 after purchasing an additional 39 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Analysts Set New Price Targets

CDNS has been the subject of several analyst reports. Loop Capital increased their price target on shares of Cadence Design Systems from $340.00 to $370.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Robert W. Baird increased their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Wall Street Zen cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday. 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, KeyCorp reaffirmed an "overweight" rating and issued a $358.00 target price (up from $340.00) on shares of Cadence Design Systems in a report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $332.57.

Insiders Place Their Bets

In other news, VP Paul Scannell sold 4,710 shares of the stock in a transaction that occurred 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 sale, the vice president directly owned 28,442 shares in the company, valued at $8,532,600. This represents a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James D. Plummer sold 868 shares of the 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 sale, the director owned 23,996 shares in the company, valued at $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,795 shares of company stock valued at $6,065,087. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded down $1.82 during mid-day trading on Thursday, reaching $324.64. The company had a trading volume of 1,649,398 shares, compared to its average volume of 2,051,540. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $330.09. 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 company has a market capitalization of $88.64 billion, a P/E ratio of 82.19, a P/E/G ratio of 4.44 and a beta of 0.99. The stock's 50-day simple moving average is $309.06 and its 200-day simple moving average is $288.40.

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. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company's quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.17 earnings per share. On average, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.