Rhumbline Advisers Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Rhumbline Advisers grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 524,584 shares of the software maker's stock after acquiring an additional 12,476 shares during the period. Rhumbline Advisers owned about 0.19% of Cadence Design Systems worth $133,417,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Principal Financial Group Inc. boosted its holdings in shares of Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock worth $672,300,000 after buying an additional 216,075 shares during the period. Pittenger & Anderson Inc. boosted its holdings in shares of Cadence Design Systems by 50.1% during the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock worth $1,589,000 after acquiring an additional 1,766 shares during the period. Meridiem Investment Management Ltd. boosted its stake in Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock valued at $235,625,000 after purchasing an additional 306,887 shares during the period. Park Square Financial Group LLC bought a new stake in Cadence Design Systems in the 4th quarter valued at about $348,000. Finally, Citizens Financial Group Inc. RI boosted its stake in shares of Cadence Design Systems by 80.6% in the fourth quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker's stock valued at $2,421,000 after buying an additional 3,595 shares during the period. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Up 0.6%

CDNS stock traded up $1.89 during trading on Thursday, reaching $296.29. 1,900,741 shares of the stock were exchanged, compared to its average volume of 2,019,218. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The firm's 50 day moving average is $285.62 and its 200 day moving average is $287.53. The firm has a market cap of $80.90 billion, a P/E ratio of 76.76, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the business posted $1.17 EPS. The firm's revenue was up 23.1% compared to the same quarter last year. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Ratings Changes

CDNS has been the subject of several recent research reports. Bank of America boosted their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. KeyCorp lifted their target price on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. Loop Capital dropped their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Finally, Mizuho boosted their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares of the company's stock, valued at approximately $2,038,025. This represents a 2.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the sale, the vice president now directly owns 108,799 shares of the company's stock, valued at $27,486,979.36. The trade was a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,445 shares of company stock valued at $5,615,733 over the last ninety days. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Company 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.