24,962 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Acquired by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 24,962 shares of the software maker's stock, valued at approximately $6,349,000.

Other hedge funds have also recently modified their holdings of the company. Park Square Financial Group LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at about $348,000. Citizens Financial Group Inc. RI increased its position 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 acquiring an additional 3,595 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Cadence Design Systems by 4.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker's stock valued at $62,935,000 after acquiring an additional 8,570 shares during the period. Royal London Asset Management Ltd. increased its position in shares of Cadence Design Systems by 5.2% in the fourth quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker's stock valued at $46,834,000 after acquiring an additional 7,766 shares during the period. Finally, Jensen Investment Management Inc. purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at about $126,571,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Activity

In related news, VP Paul Scannell sold 4,710 shares of the firm's stock in a transaction that occurred on 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 sale, the vice president now owns 28,442 shares in the company, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $302.00, for a total transaction of $302,000.00. Following the completion of the sale, the vice president now owns 106,499 shares in the company, valued at $32,162,698. This represents a 0.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,625 shares of company stock worth $5,972,453 over the last 90 days. 0.37% of the stock is currently owned by insiders.

Cadence Design Systems Stock Down 0.6%

Shares of NASDAQ CDNS traded down $1.84 on Monday, reaching $293.56. 1,888,601 shares of the company's stock traded hands, compared to its average volume of 2,013,246. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $326.19. The business's 50 day simple moving average is $297.54 and its two-hundred day simple moving average is $286.53. The company has a market cap of $80.15 billion, a price-to-earnings ratio of 74.32, a price-to-earnings-growth ratio of 4.09 and a beta of 0.99. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its 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 business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm earned $1.17 earnings per share. The business's revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Ratings Changes

CDNS has been the topic of a number of analyst reports. Rosenblatt Securities boosted their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Oppenheimer reduced their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. Finally, Mizuho boosted 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. One 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

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.