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

Principal Financial Group Inc. grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 0.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,245,930 shares of the software maker's stock after acquiring an additional 8,361 shares during the period. Principal Financial Group Inc. owned 0.82% of Cadence Design Systems worth $571,208,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Smallwood Wealth Investment Management LLC bought a new position in shares of Cadence Design Systems in the 1st quarter valued at about $25,000. Valley National Advisers Inc. grew its holdings in Cadence Design Systems by 707.1% during 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 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 purchasing an additional 112 shares during the period. Avalon Trust Co bought a new position in Cadence Design Systems during the fourth quarter worth about $39,000. Finally, OFI Invest Asset Management bought a new position in Cadence Design Systems during the fourth quarter worth about $46,000. Institutional investors own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Oppenheimer reduced their price target 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. Rosenblatt Securities lifted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. Needham & Company LLC restated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, May 13th. KeyCorp boosted their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, Mizuho boosted their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the transaction, the director directly owned 8,010 shares in the company, valued at $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James D. Plummer sold 868 shares of the business'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 transaction, the director owned 23,996 shares of the company's stock, valued at approximately $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 quarter, insiders sold 19,975 shares of company stock valued at $6,114,587. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded up $17.54 during midday trading on Friday, reaching $328.49. The company's stock had a trading volume of 2,274,696 shares, compared to its average volume of 2,028,063. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $330.09. The business's 50 day moving average price is $305.50 and its two-hundred day moving average price is $286.91. The company has a market cap of $89.69 billion, a P/E ratio of 83.16, a P/E/G ratio of 4.53 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 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the business earned $1.17 earnings per share. The firm's quarterly revenue was up 23.1% on a year-over-year basis. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal 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.