Vanguard Group Inc. Purchases 429,955 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Vanguard Group Inc. increased its shareholdings in Cadence Design Systems by 1.7%, owning nearly 9.65% of the company's stock, amounting to approximately $6.7 billion.
• Cadence Design Systems reported a quarterly earnings per share of $1.65, exceeding expectations and marking a 20.2% revenue growth compared to the previous year.
• Analysts have set a consensus price target of $364.33 for Cadence Design Systems, with the stock receiving twelve buy ratings and a shift from buy to hold from at least one research firm.

Vanguard Group Inc. boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,339,142 shares of the software maker's stock after acquiring an additional 429,955 shares during the period. Vanguard Group Inc. owned about 9.65% of Cadence Design Systems worth $6,698,834,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Ithaka Group LLC boosted its position in shares of Cadence Design Systems by 2.3% during the first quarter. Ithaka Group LLC now owns 28,346 shares of the software maker's stock worth $7,209,000 after buying an additional 639 shares during the period. Empower Advisory Group LLC raised its holdings in Cadence Design Systems by 4.1% during the first quarter. Empower Advisory Group LLC now owns 911 shares of the software maker's stock worth $232,000 after purchasing an additional 36 shares in the last quarter. Costello Asset Management INC bought a new stake in Cadence Design Systems during the first quarter worth approximately $25,000. Thoroughbred Financial Services LLC raised its holdings in Cadence Design Systems by 6.9% during the first quarter. Thoroughbred Financial Services LLC now owns 1,604 shares of the software maker's stock worth $407,000 after purchasing an additional 104 shares in the last quarter. Finally, Geneva Capital Management LLC raised its holdings in Cadence Design Systems by 14.1% during the first quarter. Geneva Capital Management LLC now owns 96,277 shares of the software maker's stock worth $24,486,000 after purchasing an additional 11,910 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the transaction, the director owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James D. Plummer sold 868 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the transaction, the director directly owned 23,996 shares of the company's stock, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,698 shares of company stock valued at $1,485,387. Insiders own 0.37% of the company's stock.

Cadence Design Systems Stock Down 1.0%

NASDAQ:CDNS traded down $3.55 during trading hours on Monday, reaching $348.51. The company's stock had a trading volume of 333,185 shares, compared to its average volume of 2,066,026. The company has a market cap of $94.96 billion, a price-to-earnings ratio of 94.15, a price-to-earnings-growth ratio of 4.62 and a beta of 0.97. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The business's 50-day moving average is $319.34 and its 200-day moving average is $292.24. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The business's revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.28 EPS. Equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent analyst reports. Stifel Nicolaus boosted their target price on Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Berenberg Bank set a $400.00 price target on Cadence Design Systems in a report on Wednesday, July 30th. Robert W. Baird upped their price target on Cadence Design Systems from $340.00 to $380.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Finally, JPMorgan Chase & Co. upped their price target on Cadence Design Systems from $330.00 to $390.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $364.33.

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.