Mercer Global Advisors Inc. ADV Buys 15,769 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mercer Global Advisors Inc. ADV raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 52.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,906 shares of the software maker's stock after buying an additional 15,769 shares during the quarter. Mercer Global Advisors Inc. ADV's holdings in Cadence Design Systems were worth $13,793,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CDNS. Norges Bank acquired a new stake in Cadence Design Systems during the fourth quarter worth approximately $1,170,209,000. Schroder Investment Management Group grew its stake in Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after buying an additional 716,041 shares in the last quarter. FMR LLC increased its holdings in shares of Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after buying an additional 639,146 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after acquiring an additional 632,175 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Cadence Design Systems by 25.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock valued at $882,655,000 after purchasing an additional 601,834 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the transaction, the chief executive officer now owns 209,548 shares of the company's stock, valued at approximately $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 SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $303.00, for a total transaction of $196,950.00. Following the completion of the transaction, the vice president now directly owns 108,149 shares of the company's stock, valued at $32,769,147. This trade represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,577 shares of company stock worth $5,316,411. 0.37% of the stock is owned by corporate insiders.

Cadence Design Systems Trading Up 1.0 %

Shares of CDNS stock traded up $3.02 on Thursday, hitting $311.36. 505,538 shares of the company's stock traded hands, compared to its average volume of 1,954,962. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a market capitalization of $85.02 billion, a price-to-earnings ratio of 80.62, a P/E/G ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The company's fifty day simple moving average is $261.72 and its 200 day simple moving average is $283.76.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate 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 net margin of 22.74% and a return on equity of 29.24%. Cadence Design Systems's quarterly revenue was up 23.1% on a year-over-year basis. During the same period last year, the company posted $1.17 earnings per share. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CDNS. Mizuho lifted their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Rosenblatt Securities lifted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. Oppenheimer lowered their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Loop Capital cut their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Finally, Needham & Company LLC reissued a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems has an average rating of "Moderate Buy" and an average price target of $322.54.

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.