Unigestion Holding SA Purchases 2,344 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Unigestion Holding SA boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 107.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,517 shares of the software maker's stock after purchasing an additional 2,344 shares during the period. Unigestion Holding SA's holdings in Cadence Design Systems were worth $1,149,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Merit Financial Group LLC grew its holdings in shares of Cadence Design Systems by 42.6% in the 1st quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker's stock worth $805,000 after purchasing an additional 946 shares during the last quarter. NBC Securities Inc. grew its stake in shares of Cadence Design Systems by 139,550.0% in the first quarter. NBC Securities Inc. now owns 2,793 shares of the software maker's stock valued at $710,000 after buying an additional 2,791 shares in the last quarter. Fiduciary Alliance LLC bought a new position in shares of Cadence Design Systems in the first quarter valued at $282,000. Czech National Bank lifted its holdings in Cadence Design Systems by 5.9% during the 1st quarter. Czech National Bank now owns 62,994 shares of the software maker's stock valued at $16,021,000 after purchasing an additional 3,528 shares during the last quarter. Finally, JGP Wealth Management LLC lifted its holdings in shares of Cadence Design Systems by 2.4% during the first quarter. JGP Wealth Management LLC now owns 2,944 shares of the software maker's stock worth $749,000 after buying an additional 70 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Up 0.6%

Shares of Cadence Design Systems stock traded up $1.89 during trading hours on Thursday, hitting $296.29. 1,900,741 shares of the company's stock traded hands, compared to its average volume of 2,018,702. The company has a market cap of $80.90 billion, a PE ratio of 76.76, a PEG ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The stock has a 50 day simple moving average of $284.78 and a 200-day simple moving average of $287.52. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

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. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company's quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.17 EPS. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the sale, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the sale, the vice president now directly owns 28,442 shares of the company's stock, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,445 shares of company stock valued at $5,615,733 over the last quarter. Corporate insiders own 1.99% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CDNS shares. Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Needham & Company LLC restated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. KeyCorp increased their price target on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Rosenblatt Securities increased their price target 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. Finally, Robert W. Baird raised their price target on 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 given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

About Cadence Design Systems

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.