Raymond James & Associates Grows Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Raymond James & Associates lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 223,511 shares of the software maker’s stock after buying an additional 16,945 shares during the quarter. Raymond James & Associates owned approximately 0.08% of Cadence Design Systems worth $60,878,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. OFI Invest Asset Management acquired a new position in Cadence Design Systems in the 3rd quarter valued at $26,000. VisionPoint Advisory Group LLC acquired a new position in Cadence Design Systems in the 2nd quarter valued at $27,000. Fortitude Family Office LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at $28,000. Atlas Capital Advisors LLC raised its holdings in Cadence Design Systems by 322.6% in the 2nd quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock valued at $31,000 after acquiring an additional 100 shares during the last quarter. Finally, Zions Bancorporation N.A. raised its holdings in Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after acquiring an additional 117 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on CDNS shares. Stifel Nicolaus boosted their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Tuesday, February 6th. StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, March 12th. KeyCorp boosted their price objective on shares of Cadence Design Systems from $325.00 to $335.00 and gave the company an “overweight” rating in a research note on Tuesday, February 13th. Finally, Rosenblatt Securities cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $265.00 to $280.00 in a research note on Tuesday, February 13th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $311.33.

Cadence Design Systems Stock Down 1.5 %

Shares of Cadence Design Systems stock opened at $311.34 on Thursday. The company has a fifty day moving average price of $301.64 and a 200 day moving average price of $271.51. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36. The stock has a market cap of $84.87 billion, a price-to-earnings ratio of 81.50, a price-to-earnings-growth ratio of 3.85 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the company earned $0.75 EPS. The firm’s revenue was up 18.8% on a year-over-year basis. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James D. Plummer sold 2,412 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the transaction, the director now owns 22,923 shares in the company, valued at approximately $7,229,914.20. The disclosure for this sale can be found here. Insiders have sold 200,244 shares of company stock worth $58,930,611 in the last quarter. 1.67% 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.