Rovin Capital UT ADV Invests $261,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Rovin Capital UT ADV purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,026 shares of the software maker's stock, valued at approximately $261,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at about $1,170,209,000. GAMMA Investing LLC grew its holdings in Cadence Design Systems by 31,049.1% during the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock valued at $309,835,000 after buying an additional 1,214,330 shares in the last quarter. Schroder Investment Management Group increased its holdings in shares of 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 during the period. FMR LLC lifted its position in Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Cadence Design Systems by 12.5% during 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 during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In related news, Director James D. Plummer sold 868 shares of the stock in a transaction that occurred on 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 transaction, the director directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Scannell sold 4,710 shares of the stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,975 shares of company stock worth $6,114,587. 1.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CDNS has been the subject of several analyst reports. Mizuho increased their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Oppenheimer dropped their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. Needham & Company LLC restated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. JPMorgan Chase & Co. upgraded shares of 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 report on Thursday, April 24th. Finally, KeyCorp upped their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $17.54 during trading hours on Friday, hitting $328.49. 2,274,696 shares of the company were exchanged, compared to its average volume of 2,028,063. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $330.09. The stock has a market capitalization of $89.69 billion, a price-to-earnings ratio of 83.16, a PEG ratio of 4.31 and a beta of 0.99. The company's 50 day moving average price is $304.73 and its 200-day moving average price is $286.79.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the company earned $1.17 earnings per share. The business's quarterly 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 earnings per share for the current year.

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.