Sowell Financial Services LLC Buys Shares of 3,264 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sowell Financial Services LLC bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,264 shares of the software maker's stock, valued at approximately $830,000.

Several other institutional investors also recently bought and sold shares of the company. Accredited Investors Inc. boosted its stake in Cadence Design Systems by 1.7% in the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after acquiring an additional 36 shares in the last quarter. Principal Street Partners LLC boosted its stake in Cadence Design Systems by 2.6% in the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock valued at $437,000 after acquiring an additional 37 shares in the last quarter. Lindbrook Capital LLC boosted its stake in Cadence Design Systems by 1.7% in the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock valued at $670,000 after acquiring an additional 38 shares in the last quarter. Oarsman Capital Inc. boosted its stake in Cadence Design Systems by 3.8% in the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after acquiring an additional 38 shares in the last quarter. Finally, Empower Advisory Group LLC boosted its stake in Cadence Design Systems by 4.9% in the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after acquiring an additional 41 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of CDNS stock traded down $1.44 on Friday, reaching $295.40. 2,372,758 shares of the company were exchanged, compared to its average volume of 2,012,757. The company has a market cap of $80.66 billion, a price-to-earnings ratio of 74.78, a P/E/G ratio of 4.09 and a beta of 0.98. The business has a 50-day moving average price of $296.88 and a 200 day moving average price of $287.01. 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 1 year low of $221.56 and a 1 year high of $326.19.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly 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. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. Cadence Design Systems's quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.17 earnings per share. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CDNS. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Mizuho lifted their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Rosenblatt Securities lifted their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Finally, KeyCorp lifted their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of the business's stock in a transaction dated 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 transaction, the vice president now directly owns 28,442 shares in the company, valued at $8,532,600. The trade was a 14.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $302.00, for a total transaction of $302,000.00. Following the completion of the transaction, the vice president now owns 106,499 shares in the company, valued at $32,162,698. The trade was a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,625 shares of company stock worth $5,972,453. 1.99% of the stock is 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.