Tounjian Advisory Partners LLC Purchases Shares of 2,678 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Tounjian Advisory Partners LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,678 shares of the software maker's stock, valued at approximately $681,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CDNS. Accredited Investors Inc. increased 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 purchasing an additional 36 shares during the period. Principal Street Partners LLC increased 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 purchasing an additional 37 shares during the period. Lindbrook Capital LLC increased 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 purchasing an additional 38 shares during the period. Oarsman Capital Inc. increased 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 purchasing an additional 38 shares during the period. Finally, Empower Advisory Group LLC increased 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 purchasing an additional 41 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction dated 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 owns 7,411 shares of the company's stock, valued at $2,038,025. This represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer now directly owns 209,548 shares in the company, valued at $64,959,880. This trade represents a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,625 shares of company stock valued at $5,670,453 over the last quarter. Corporate insiders own 0.37% of the company's stock.

Analysts Set New Price Targets

CDNS has been the topic of a number of recent research reports. Bank of America lifted their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Wells Fargo & Company lifted their price objective on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research note 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 target for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Finally, Robert W. Baird boosted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Price Performance

CDNS traded down $7.85 on Friday, hitting $300.00. 1,188,835 shares of the company were exchanged, compared to its average volume of 2,021,117. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The business's fifty day moving average is $291.22 and its 200 day moving average is $287.43. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The firm has a market capitalization of $81.91 billion, a P/E ratio of 77.72, a price-to-earnings-growth ratio of 3.88 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the business posted $1.17 earnings per share. The firm's revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS 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.