Wealthfront Advisers LLC Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wealthfront Advisers LLC lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 14.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,981 shares of the software maker's stock after acquiring an additional 3,210 shares during the quarter. Wealthfront Advisers LLC's holdings in Cadence Design Systems were worth $6,608,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CDNS. Smallwood Wealth Investment Management LLC purchased a new stake in Cadence Design Systems in the first quarter worth $25,000. Valley National Advisers Inc. increased its position in Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after buying an additional 99 shares during the last quarter. Ancora Advisors LLC increased its position in Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares during the last quarter. Bartlett & CO. Wealth Management LLC increased its position in Cadence Design Systems by 147.3% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock worth $47,000 after buying an additional 109 shares during the last quarter. Finally, HWG Holdings LP purchased a new stake in Cadence Design Systems in the first quarter worth $54,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director owned 8,010 shares in the company, valued at $2,435,040. The trade was a 2.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total value of $306,350.00. Following the transaction, the vice president owned 105,499 shares in the company, valued at approximately $32,319,618.65. This represents a 0.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,975 shares of company stock worth $6,114,587 in the last 90 days. 1.99% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Wells Fargo & Company raised their price target on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Rosenblatt Securities raised their price target 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 reaffirmed a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. 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 report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $330.07.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded up $6.28 during midday trading on Thursday, hitting $320.86. 1,275,781 shares of the company's stock were exchanged, compared to its average volume of 2,032,749. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $330.09. The stock has a 50-day moving average price of $308.36 and a two-hundred day moving average price of $287.75. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The company has a market cap of $87.61 billion, a P/E ratio of 81.23, a PEG ratio of 4.37 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the company posted $1.17 earnings per share. The company's revenue was up 23.1% compared to the same quarter last year. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.