Xponance Inc. Increases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Xponance Inc. increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 69,093 shares of the software maker's stock after acquiring an additional 1,100 shares during the period. Xponance Inc.'s holdings in Cadence Design Systems were worth $17,572,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Smallwood Wealth Investment Management LLC bought a new position in Cadence Design Systems in the first quarter valued at $25,000. Valley National Advisers Inc. grew 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 valued at $28,000 after purchasing an additional 99 shares in the last quarter. Ancora Advisors LLC grew 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 valued at $36,000 after purchasing an additional 112 shares in the last quarter. Avalon Trust Co bought a new position in Cadence Design Systems in the fourth quarter valued at $39,000. Finally, Bartlett & CO. Wealth Management LLC grew 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 valued at $47,000 after purchasing an additional 109 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Down 0.6%

CDNS traded down $2.06 during trading on Friday, reaching $320.60. 1,201,465 shares of the company's stock were exchanged, compared to its average volume of 2,036,282. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $330.09. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $87.54 billion, a PE ratio of 81.16, a price-to-earnings-growth ratio of 4.47 and a beta of 0.99. The firm has a fifty day moving average price of $307.58 and a two-hundred day moving average price of $287.48.

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, beating analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the firm posted $1.17 EPS. The company's quarterly revenue was up 23.1% on a year-over-year basis. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total transaction 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the company's 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 transaction, the chief executive officer owned 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,975 shares of company stock valued at $6,114,587 over the last 90 days. Insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of analyst reports. The Goldman Sachs Group started coverage on shares of Cadence Design Systems in a research report on Thursday. They issued a "buy" rating and a $380.00 target price for the company. Oppenheimer reduced their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. KeyCorp boosted their target price on shares of Cadence Design Systems from $340.00 to $358.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Needham & Company LLC restated a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus price target of $327.93.

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.