Focus Partners Wealth Buys 22,693 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Focus Partners Wealth grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 141.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,784 shares of the software maker's stock after acquiring an additional 22,693 shares during the period. Focus Partners Wealth's holdings in Cadence Design Systems were worth $11,656,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in shares of Cadence Design Systems by 10.7% in the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock worth $672,300,000 after acquiring an additional 216,075 shares during the period. Pittenger & Anderson Inc. boosted its stake in shares of Cadence Design Systems by 50.1% in the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock worth $1,589,000 after acquiring an additional 1,766 shares during the period. Meridiem Investment Management Ltd. boosted its stake in shares of Cadence Design Systems by 64.3% in the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock worth $235,625,000 after acquiring an additional 306,887 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock worth $41,850,000 after acquiring an additional 79,268 shares during the period. Finally, Avanza Fonder AB bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $6,046,000. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Trading Up 0.9%

Shares of CDNS traded up $2.79 during mid-day trading on Friday, reaching $321.56. 1,574,219 shares of the company's stock traded hands, compared to its average volume of 1,970,136. The stock has a market cap of $87.80 billion, a P/E ratio of 83.31, a P/E/G ratio of 3.88 and a beta of 1.04. The stock's 50-day moving average is $270.41 and its two-hundred day moving average is $286.29. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month 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.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its 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 firm had revenue of $1.24 billion for 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%. The company's quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.17 earnings per share. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CDNS. Robert W. Baird upped their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Bank of America boosted their target price on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Loop Capital decreased their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Finally, KeyCorp boosted their target price on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Insider Activity

In related news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the transaction, the chief executive officer now owns 209,548 shares of the company's stock, valued at $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $303.00, for a total value of $196,950.00. Following the completion of the transaction, the vice president now directly owns 108,149 shares in the company, valued at approximately $32,769,147. This trade represents a 0.60% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,577 shares of company stock valued at $5,316,411. 1.99% of the stock is currently owned by insiders.

About Cadence Design Systems

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.