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

Ramirez Asset Management Inc. grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,571 shares of the software maker’s stock after purchasing an additional 200 shares during the period. Ramirez Asset Management Inc.’s holdings in Cadence Design Systems were worth $400,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Smallwood Wealth Investment Management LLC purchased a new stake in Cadence Design Systems during the first quarter valued at about $25,000. Valley National Advisers Inc. lifted its stake in Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock valued at $28,000 after buying an additional 99 shares in the last quarter. Ancora Advisors LLC lifted its stake in Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after buying an additional 112 shares in the last quarter. Bartlett & CO. Wealth Management LLC lifted its stake in Cadence Design Systems by 147.3% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker’s stock valued at $47,000 after buying an additional 109 shares in the last quarter. Finally, HWG Holdings LP purchased a new stake in Cadence Design Systems during the first quarter valued at about $54,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Up 0.5%

CDNS stock opened at $333.76 on Tuesday. The firm has a market cap of $91.13 billion, a PE ratio of 84.50, a PEG ratio of 4.62 and a beta of 0.99. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $335.16. The company has a fifty day simple moving average of $309.66 and a 200 day simple moving average of $288.77. 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 posted its earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, topping the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the business posted $1.28 earnings per share. The business’s quarterly revenue was up 20.2% on a year-over-year basis. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director owned 23,996 shares of the company’s stock, valued at $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the completion of the sale, the vice president owned 105,499 shares of the company’s stock, valued at $32,319,618.65. The trade was a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,085 shares of company stock worth $4,652,087. Insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on CDNS. KeyCorp reaffirmed an “overweight” rating and set a $358.00 price objective (up from $340.00) on shares of Cadence Design Systems in a research note on Thursday, July 10th. Mizuho increased their price target on shares of Cadence Design Systems from $325.00 to $360.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 22nd. Wall Street Zen lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Sunday, July 20th. Bank of America increased their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Finally, Loop Capital increased their price target on shares of Cadence Design Systems from $340.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, July 14th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $336.50.

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.