Vident Advisory LLC Purchases 11,209 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Vident Advisory LLC boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 52.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,709 shares of the software maker's stock after acquiring an additional 11,209 shares during the period. Vident Advisory LLC's holdings in Cadence Design Systems were worth $9,828,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $28,000. Ancora Advisors LLC raised its position in shares of 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 buying an additional 112 shares during the last quarter. Avalon Trust Co bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $39,000. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $46,000. Finally, Synergy Investment Management LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $50,000. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Down 0.4%

NASDAQ CDNS opened at $320.30 on Tuesday. 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 company has a fifty day moving average of $273.78 and a two-hundred day moving average of $286.86. The firm has a market capitalization of $87.46 billion, a price-to-earnings ratio of 82.98, a PEG ratio of 3.88 and a beta of 1.04. 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 posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Cadence Design Systems's quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.17 earnings per share. On average, analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports 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 report on Tuesday, May 13th. Loop Capital cut their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a report on Friday. Robert W. Baird raised their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their target price for the company from $300.00 to $325.00 in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction on Friday, May 2nd. The stock was 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 approximately $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Thursday, April 24th. The stock was 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 approximately $2,038,025. This trade represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,577 shares of company stock worth $5,316,411. 1.99% of the stock is currently owned by 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.

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