Raymond James Financial Inc. Takes $171.99 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Raymond James Financial Inc. purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 572,424 shares of the software maker's stock, valued at approximately $171,991,000. Raymond James Financial Inc. owned 0.21% of Cadence Design Systems as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Swedbank AB boosted its holdings in Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker's stock worth $475,336,000 after buying an additional 230,672 shares in the last quarter. Impax Asset Management Group plc boosted its holdings in Cadence Design Systems by 20.9% during the third quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker's stock worth $371,719,000 after buying an additional 237,495 shares in the last quarter. Blake Schutter Theil Wealth Advisors LLC purchased a new stake in Cadence Design Systems during the third quarter worth about $211,000. Advisor Resource Council purchased a new stake in Cadence Design Systems during the third quarter worth about $202,000. Finally, Principal Financial Group Inc. boosted 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 worth $547,886,000 after buying an additional 501,833 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on CDNS. Redburn Atlantic began 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. Loop Capital lowered their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Mizuho increased their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus price target of $326.92.

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Cadence Design Systems Trading Up 0.0 %

Shares of CDNS traded up $0.05 during mid-day trading on Friday, reaching $243.21. The company had a trading volume of 2,405,879 shares, compared to its average volume of 1,766,864. The firm has a fifty day simple moving average of $288.68 and a 200-day simple moving average of $285.44. Cadence Design Systems, Inc. has a fifty-two week low of $233.72 and a fifty-two week high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market cap of $66.67 billion, a price-to-earnings ratio of 63.01, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 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 business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company's stock, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,504,126. Company insiders own 1.99% of the company's stock.

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.