Bowman & Co S.C. Invests $373,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bowman & Co S.C. purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,243 shares of the software maker's stock, valued at approximately $373,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Van ECK Associates Corp grew its stake in Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock valued at $689,472,000 after buying an additional 572,251 shares during the last quarter. Principal Financial Group Inc. grew its stake in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock valued at $547,886,000 after buying an additional 501,833 shares during the last quarter. Meridiem Investment Management Ltd. acquired a new position in Cadence Design Systems in the 3rd quarter valued at $129,285,000. Sumitomo Mitsui Trust Group Inc. grew its stake in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock valued at $258,136,000 after buying an additional 310,250 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in Cadence Design Systems by 153.4% in the 2nd quarter. Marshall Wace LLP now owns 471,010 shares of the software maker's stock valued at $144,953,000 after buying an additional 285,130 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Shares of CDNS stock traded up $6.70 during trading hours on Friday, hitting $305.60. 1,567,258 shares of the company's stock were exchanged, compared to its average volume of 1,176,470. The stock's 50-day moving average is $304.43 and its 200-day moving average is $284.94. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The stock has a market cap of $83.81 billion, a price-to-earnings ratio of 80.21, a price-to-earnings-growth ratio of 3.44 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm's quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.01 earnings per share. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now owns 61,111 shares in the company, valued at approximately $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the firm's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock worth $33,528,267 over the last 90 days. Insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an "overweight" rating and a $350.00 target price on the stock. Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Mizuho raised their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target on the stock. Finally, Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a "buy" rating and a $320.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $329.50.

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.