Trillium Asset Management LLC Purchases 24,178 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Trillium Asset Management LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 43.3% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 80,030 shares of the software maker's stock after purchasing an additional 24,178 shares during the period. Trillium Asset Management LLC's holdings in Cadence Design Systems were worth $24,045,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CDNS. Raymond James Financial Inc. bought a new stake in Cadence Design Systems during the fourth quarter valued at about $171,991,000. Principal Financial Group Inc. grew its holdings in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock valued at $547,886,000 after purchasing an additional 501,833 shares during the period. Manning & Napier Advisors LLC bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $148,594,000. Proficio Capital Partners LLC bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $129,546,000. Finally, Jensen Investment Management Inc. bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $126,571,000. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Trading Up 1.5 %

CDNS stock traded up $3.92 during midday trading on Friday, reaching $262.42. 5,699,757 shares of the company traded hands, compared to its average volume of 1,808,735. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The business has a 50 day moving average of $278.01 and a 200-day moving average of $283.98. The firm has a market capitalization of $71.93 billion, a price-to-earnings ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05.

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Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares in the company, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock worth $31,229,155 over the last ninety days. Company insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CDNS shares. Mizuho upped their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. Rosenblatt Securities upped their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday. Bank of America dropped their price objective on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Finally, StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $324.83.

Cadence Design Systems 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.