Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Boosted by Concord Asset Management LLC VA

Concord Asset Management LLC VA grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,243 shares of the software maker’s stock after purchasing an additional 600 shares during the period. Concord Asset Management LLC VA’s holdings in Cadence Design Systems were worth $1,392,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Cadence Design Systems in the fourth quarter worth about $1,170,209,000. GAMMA Investing LLC boosted its holdings in shares of Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock worth $309,835,000 after purchasing an additional 1,214,330 shares during the period. Schroder Investment Management Group boosted its holdings in shares of Cadence Design Systems by 53.1% during the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock worth $623,105,000 after purchasing an additional 716,041 shares during the period. FMR LLC boosted its holdings in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in shares of Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the sale, the director owned 8,010 shares in the company, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director owned 23,996 shares in the company, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,975 shares of company stock valued at $6,114,587 in the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Trading Down 1.0%

NASDAQ:CDNS opened at $317.49 on Tuesday. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $330.09. The firm has a market cap of $86.69 billion, a price-to-earnings ratio of 80.38, a P/E/G ratio of 4.44 and a beta of 0.99. 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’s 50 day moving average is $308.00 and its 200-day moving average is $287.35.

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, topping the consensus estimate of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. Cadence Design Systems’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the company posted $1.17 earnings per share. Equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Ratings Changes

Several analysts recently commented on CDNS shares. Oppenheimer decreased their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Rosenblatt Securities raised their price target 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. Wall Street Zen upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $330.07.

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.