Thomasville National Bank Invests $485,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Thomasville National Bank bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,908 shares of the software maker's stock, valued at approximately $485,000.

A number of other institutional investors also recently modified their holdings of CDNS. Ancora Advisors LLC raised its position in Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after acquiring an additional 112 shares in the last quarter. Avalon Trust Co acquired a new position in shares of Cadence Design Systems during the 4th quarter worth $39,000. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems during the 4th quarter valued at $46,000. Synergy Investment Management LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at $50,000. Finally, Center for Financial Planning Inc. bought a new stake in Cadence Design Systems in the fourth quarter worth $59,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded down $7.85 during mid-day trading on Friday, reaching $300.00. The company had a trading volume of 1,188,835 shares, compared to its average volume of 2,021,119. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market cap of $81.91 billion, a price-to-earnings ratio of 77.72, a PEG ratio of 3.88 and a beta of 0.99. The company has a 50 day moving average of $292.59 and a 200-day moving average of $287.36. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating 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 business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the business earned $1.17 earnings per share. The firm's revenue for the quarter was up 23.1% on a year-over-year basis. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on CDNS. Oppenheimer cut their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Rosenblatt Securities boosted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a 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 report on Tuesday, May 13th. Bank of America boosted their price objective 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, Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now directly owns 7,411 shares in the company, valued at $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,625 shares of company stock valued at $5,670,453. 0.37% of the stock is owned by corporate insiders.

Cadence Design Systems 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.