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

Franklin Resources Inc. raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 0.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,975,819 shares of the software maker's stock after purchasing an additional 3,612 shares during the quarter. Franklin Resources Inc. owned 1.09% of Cadence Design Systems worth $810,524,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Valley National Advisers Inc. boosted its stake in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker's stock valued at $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC acquired a new position in Cadence Design Systems during the 4th quarter worth $28,000. Rakuten Securities Inc. purchased a new stake in Cadence Design Systems during the 4th quarter worth about $45,000. Catalyst Capital Advisors LLC raised its holdings in Cadence Design Systems by 34.7% in the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker's stock valued at $47,000 after acquiring an additional 52 shares in the last quarter. Finally, Platinum Investment Management Ltd. purchased a new position in Cadence Design Systems in the third quarter worth approximately $56,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several analyst reports. StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, May 2nd. Rosenblatt Securities reissued a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, April 16th. Robert W. Baird lifted their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an "outperform" rating in a research report on Thursday, April 18th. Finally, KeyCorp increased their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an "overweight" rating in a report on Monday, April 15th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $326.11.

Cadence Design Systems Price Performance

CDNS stock traded up $3.66 on Monday, reaching $292.47. 1,044,890 shares of the company's stock were exchanged, compared to its average volume of 1,533,791. The stock has a fifty day moving average of $297.52 and a 200-day moving average of $286.05. The firm has a market cap of $79.59 billion, a PE ratio of 75.21, a P/E/G ratio of 3.40 and a beta of 1.06. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a twelve month low of $203.13 and a twelve month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the firm earned $1.02 earnings per share. The firm's revenue was down 1.2% on a year-over-year basis. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, VP Aneel Zaman sold 1,207 shares of the firm's stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the transaction, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the transaction, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. Insiders sold 109,298 shares of company stock valued at $33,247,394 in the last ninety days. Corporate insiders own 0.62% of the company's stock.

Cadence Design Systems Company 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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