Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Savvy Advisors Inc.

Key Points

• Savvy Advisors Inc. has increased its stake in Cadence Design Systems by 47%, acquiring an additional 1,241 shares, bringing its total holdings to 3,882 shares worth approximately $987,000.
• Multiple institutional investors have also raised their positions in Cadence Design Systems, with Vanguard Group increasing its holdings by 1.7% and Jennison Associates by 13.2% during the first quarter.
• Analysts have mostly rated Cadence Design Systems favorably, with twelve giving it a "buy" rating and a consensus target price of $364.33, reflecting strong market confidence in the company's future performance.

Savvy Advisors Inc. grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 47.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,882 shares of the software maker's stock after buying an additional 1,241 shares during the period. Savvy Advisors Inc.'s holdings in Cadence Design Systems were worth $987,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. National Bank of Canada FI boosted its holdings in shares of Cadence Design Systems by 38.7% in the 1st quarter. National Bank of Canada FI now owns 273,556 shares of the software maker's stock valued at $69,572,000 after buying an additional 76,318 shares in the last quarter. Wambolt & Associates LLC boosted its holdings in shares of Cadence Design Systems by 1.5% in the 1st quarter. Wambolt & Associates LLC now owns 11,569 shares of the software maker's stock valued at $2,994,000 after buying an additional 167 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Cadence Design Systems by 13.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 681,106 shares of the software maker's stock valued at $173,226,000 after buying an additional 80,370 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Cadence Design Systems by 21.5% in the 1st quarter. Deutsche Bank AG now owns 1,519,446 shares of the software maker's stock valued at $386,441,000 after buying an additional 269,041 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Cadence Design Systems by 4.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,779,848 shares of the software maker's stock valued at $452,669,000 after buying an additional 73,719 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded down $2.97 during trading hours on Monday, hitting $349.09. The company's stock had a trading volume of 1,624,448 shares, compared to its average volume of 1,976,433. The company has a 50 day moving average of $320.47 and a 200 day moving average of $292.44. The stock has a market cap of $95.12 billion, a PE ratio of 94.35, a price-to-earnings-growth ratio of 4.62 and a beta of 0.97. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. During the same period in the previous year, the business posted $1.28 EPS. The business's revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Berenberg Bank set a $400.00 target price on shares of Cadence Design Systems in a research note on Wednesday, July 30th. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Mizuho lifted their target price on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 29th. Bank of America lifted their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Finally, Robert W. Baird lifted their target price on shares of Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $364.33.

Insider Activity at Cadence Design Systems

In related news, Director James D. Plummer sold 868 shares of the business's stock in a transaction on Friday, May 16th. The shares were 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 $7,677,520.20. The trade was a 3.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction 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 owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,698 shares of company stock worth $1,485,387 in the last three months. Company insiders own 0.37% of the company's stock.

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.