Center for Financial Planning Inc. Has $83,000 Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Center for Financial Planning Inc. grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 66.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 325 shares of the software maker’s stock after buying an additional 130 shares during the period. Center for Financial Planning Inc.’s holdings in Cadence Design Systems were worth $83,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Cadence Design Systems by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock worth $7,784,674,000 after acquiring an additional 201,340 shares during the period. FMR LLC increased its stake 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 valued at $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Cadence Design Systems by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock valued at $1,806,019,000 after purchasing an additional 135,251 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after acquiring an additional 632,175 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Cadence Design Systems by 5.2% during the 4th quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker’s stock valued at $1,448,718,000 after acquiring an additional 238,535 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Down 0.5%

Shares of NASDAQ:CDNS opened at $295.40 on Monday. The stock’s 50-day moving average price is $296.88 and its 200-day moving average price is $286.63. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $326.19. The stock has a market capitalization of $80.66 billion, a P/E ratio of 74.78, a price-to-earnings-growth ratio of 4.09 and a beta of 0.99. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (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 29.36% and a net margin of 22.18%. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period last year, the firm earned $1.17 earnings per share. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CDNS shares. Mizuho upped their price target on Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. KeyCorp upped their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research note on Thursday, May 15th. Wells Fargo & Company upped their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Rosenblatt Securities upped their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research note on Tuesday, April 29th. Finally, Needham & Company LLC restated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. One research 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $325.23.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the sale, the vice president now owns 108,799 shares of the company’s stock, valued at $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ita M. Brennan sold 180 shares of the firm’s 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 sale, the director now directly owns 8,010 shares of the company’s stock, valued at $2,435,040. The trade was a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,625 shares of company stock worth $5,972,453 over the last quarter. 0.37% of the stock is owned by corporate insiders.

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.