Tower Research Capital LLC TRC Purchases 6,595 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Tower Research Capital LLC TRC grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 43.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,791 shares of the software maker's stock after buying an additional 6,595 shares during the quarter. Tower Research Capital LLC TRC's holdings in Cadence Design Systems were worth $6,547,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Avior Wealth Management LLC raised its position in Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after purchasing an additional 36 shares in the last quarter. Accredited Investors Inc. raised its holdings in shares of Cadence Design Systems by 1.7% in the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after buying an additional 36 shares in the last quarter. Lindbrook Capital LLC lifted its position in shares of Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after buying an additional 38 shares during the period. Oarsman Capital Inc. boosted its stake in Cadence Design Systems by 3.8% in the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after buying an additional 38 shares in the last quarter. Finally, Empower Advisory Group LLC grew its position in Cadence Design Systems by 4.9% in the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after acquiring an additional 41 shares during the period. 84.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Robert W. Baird cut their price objective on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target on the stock. Oppenheimer decreased 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. Loop Capital cut their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Finally, Rosenblatt Securities increased their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus price target of $321.00.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders sold a total of 1,950 shares of company stock worth $518,499 in the last quarter. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Trading Up 2.8 %

Shares of NASDAQ CDNS traded up $7.85 during midday trading on Friday, hitting $289.63. The stock had a trading volume of 2,413,889 shares, compared to its average volume of 1,932,291. The firm has a market cap of $79.45 billion, a P/E ratio of 75.03, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week 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's 50-day simple moving average is $254.54 and its 200 day simple moving average is $282.11.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current 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.