Whitaker Myers Wealth Managers LTD. Makes New $403,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Whitaker Myers Wealth Managers LTD. purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,583 shares of the software maker's stock, valued at approximately $403,000.

A number of other hedge funds have also bought and sold shares of the business. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $28,000. Ancora Advisors LLC boosted its stake in shares of Cadence Design Systems by 1,400.0% in 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 period. Avalon Trust Co acquired a new stake in Cadence Design Systems during the fourth quarter worth approximately $39,000. OFI Invest Asset Management bought a new position in Cadence Design Systems during the 4th quarter worth $46,000. Finally, Synergy Investment Management LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at $50,000. 84.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CDNS shares. Robert W. Baird increased their target price on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Oppenheimer reduced their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. 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. KeyCorp upped 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. Finally, Rosenblatt Securities lifted their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $325.23.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 29th. The shares were 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 in the company, valued at $8,532,600. This trade represents a 14.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the transaction, 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 three months, insiders have sold 18,445 shares of company stock worth $5,615,733. Insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $296.95 on Friday. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The company has a market cap of $81.08 billion, a price-to-earnings ratio of 76.93, a PEG ratio of 3.88 and a beta of 0.98. The firm has a 50 day simple moving average of $286.39 and a 200 day simple moving average of $287.40.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results 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 analysts' expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Cadence Design Systems's revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.17 EPS. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.

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