Alps Advisors Inc. Acquires 1,814 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Alps Advisors Inc. lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 59.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,860 shares of the software maker’s stock after purchasing an additional 1,814 shares during the period. Alps Advisors Inc.’s holdings in Cadence Design Systems were worth $1,236,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Smallwood Wealth Investment Management LLC bought a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $25,000. Valley National Advisers Inc. lifted its stake in shares of Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock worth $28,000 after purchasing an additional 99 shares during the period. Ancora Advisors LLC lifted its stake in shares of 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 purchasing an additional 112 shares during the period. Avalon Trust Co bought a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $39,000. Finally, Bartlett & CO. Wealth Management LLC lifted its stake in shares of Cadence Design Systems by 147.3% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker’s stock worth $47,000 after purchasing an additional 109 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CDNS shares. Rosenblatt Securities increased their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday, April 29th. Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Mizuho increased their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $327.93.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the transaction, the director directly owned 8,010 shares in the company, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Scannell sold 4,710 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the transaction, the vice president owned 28,442 shares of the company’s stock, valued at $8,532,600. This represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,975 shares of company stock worth $6,114,587. 0.37% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Down 0.6%

NASDAQ CDNS opened at $320.60 on Monday. 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 company has a market capitalization of $87.54 billion, a P/E ratio of 81.16, a P/E/G ratio of 4.44 and a beta of 0.99. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $330.09. The stock has a 50 day moving average price of $307.83 and a 200-day moving average price of $287.26.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. The firm 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%. The company’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.17 EPS. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal 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.