Principal Financial Group Inc. Buys 8,361 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Principal Financial Group Inc. boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 0.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,245,930 shares of the software maker's stock after buying an additional 8,361 shares during the quarter. Principal Financial Group Inc. owned approximately 0.82% of Cadence Design Systems worth $571,208,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of CDNS. Norges Bank acquired a new stake in Cadence Design Systems in the 4th quarter valued at $1,170,209,000. GAMMA Investing LLC boosted its stake in Cadence Design Systems by 31,049.1% in the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after purchasing an additional 1,214,330 shares in the last quarter. Schroder Investment Management Group boosted its stake in Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after purchasing an additional 716,041 shares in the last quarter. FMR LLC boosted its stake in Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after purchasing an additional 632,175 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on CDNS. Bank of America boosted their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. KeyCorp boosted their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Mizuho boosted their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Finally, JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Trading Up 5.6%

Shares of CDNS traded up $17.54 during trading hours on Friday, hitting $328.49. 2,274,696 shares of the stock traded hands, compared to its average volume of 2,031,684. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $330.09. The firm has a market capitalization of $89.69 billion, a PE ratio of 83.16, a price-to-earnings-growth ratio of 4.53 and a beta of 0.99. The business has a fifty day moving average of $305.50 and a 200-day moving average of $286.72.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (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 return on equity of 29.36% and a net margin of 22.18%. The firm's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.17 earnings per share. Analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insiders Place Their Bets

In related news, 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 completion of the sale, the director owned 23,996 shares in the company, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction dated 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 sale, the vice president owned 28,442 shares of the company's stock, valued at $8,532,600. This represents a 14.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,975 shares of company stock valued at $6,114,587 in the last ninety days. 0.37% of the stock is currently owned by 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.