Manning & Napier Advisors LLC Buys 140,501 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Manning & Napier Advisors LLC lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 635,056 shares of the software maker’s stock after acquiring an additional 140,501 shares during the period. Cadence Design Systems makes up 2.0% of Manning & Napier Advisors LLC’s investment portfolio, making the stock its 13th biggest position. Manning & Napier Advisors LLC owned about 0.23% of Cadence Design Systems worth $161,514,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in CDNS. Ancora Advisors LLC lifted its position in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after buying an additional 112 shares during the last quarter. Avalon Trust Co bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $39,000. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $46,000. Synergy Investment Management LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $50,000. Finally, Intact Investment Management Inc. bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $60,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $295.40 on Friday. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The company has a market cap of $80.66 billion, a PE ratio of 74.78, a P/E/G ratio of 4.09 and a beta of 0.98. The business has a 50 day moving average of $296.88 and a 200 day moving average of $286.75. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $326.19.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate 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 business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the business earned $1.17 EPS. The company’s revenue for the quarter 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 year.

Wall Street Analyst Weigh In

Several research firms have weighed in on CDNS. KeyCorp boosted their price target on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. Mizuho boosted their target price on Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Needham & Company LLC reissued a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Finally, Oppenheimer dropped their price objective on 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $325.23.

Insider Buying and Selling

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director now owns 8,010 shares in the company, valued at approximately $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $302.00, for a total value of $302,000.00. Following the completion of the transaction, the vice president now owns 106,499 shares of the company’s stock, valued at approximately $32,162,698. This trade represents a 0.93% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,625 shares of company stock valued at $5,972,453 over the last three months. Corporate insiders own 1.99% of the company’s stock.

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.