Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Increases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.9% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,072 shares of the software maker’s stock after buying an additional 40 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Cadence Design Systems were worth $285,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Park Square Financial Group LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $348,000. Citizens Financial Group Inc. RI lifted its holdings in shares of Cadence Design Systems by 80.6% in the 4th quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker’s stock valued at $2,421,000 after buying an additional 3,595 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Cadence Design Systems by 4.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker’s stock valued at $62,935,000 after buying an additional 8,570 shares during the period. Royal London Asset Management Ltd. lifted its holdings in shares of Cadence Design Systems by 5.2% in the 4th quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker’s stock valued at $46,834,000 after buying an additional 7,766 shares during the period. Finally, Jensen Investment Management Inc. acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $126,571,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on CDNS shares. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Wells Fargo & Company lifted their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, May 13th. Bank of America lifted their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Finally, KeyCorp lifted their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $325.23.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $305.20 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The stock has a fifty day moving average of $300.72 and a two-hundred day moving average of $286.65. The company has a market capitalization of $83.33 billion, a price-to-earnings ratio of 77.27, a PEG ratio of 4.21 and a beta of 0.98. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $326.19.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. Cadence Design Systems’s revenue was up 23.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.17 earnings per share. On average, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer now owns 209,548 shares of the company’s stock, valued at $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Friday, June 13th. The shares were sold at an average price of $302.00, for a total value of $302,000.00. Following the completion of the sale, the vice president now directly owns 106,499 shares of the company’s stock, valued at approximately $32,162,698. This represents a 0.93% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,625 shares of company stock valued at $5,972,453. 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.