Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,883,224 shares of the software maker’s stock after acquiring an additional 7,570 shares during the quarter. Bank of New York Mellon Corp’s holdings in Cadence Design Systems were worth $478,960,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CDNS. Vanguard Group Inc. increased its holdings in shares of Cadence Design Systems by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock valued at $7,784,674,000 after purchasing an additional 201,340 shares during the last quarter. FMR LLC increased its holdings in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Cadence Design Systems by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock worth $1,806,019,000 after acquiring an additional 135,251 shares during the period. Alliancebernstein L.P. boosted its position in shares of Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after acquiring an additional 632,175 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Cadence Design Systems by 5.2% during the 4th quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker’s stock valued at $1,448,718,000 after acquiring an additional 238,535 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the firm’s 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 sale, the chief executive officer directly owned 209,548 shares in the company, valued at $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James D. Plummer sold 868 shares of the firm’s stock in a transaction 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 completion of the sale, the director owned 23,996 shares in the company, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,975 shares of company stock valued at $6,114,587. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 5.6%

CDNS opened at $328.49 on Friday. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $330.09. The business has a fifty day simple moving average of $305.50 and a 200-day simple moving average of $286.81. The firm has a market cap of $89.69 billion, a P/E ratio of 83.16, a P/E/G ratio of 4.53 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.

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on CDNS. Mizuho boosted their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Bank of America increased their price objective on 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, KeyCorp increased their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $325.23.

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.