Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 0.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,909,187 shares of the software maker's stock after acquiring an additional 201,340 shares during the quarter. Vanguard Group Inc. owned about 9.45% of Cadence Design Systems worth $7,784,674,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of CDNS. Stevens Capital Management LP acquired a new position in shares of Cadence Design Systems during the 4th quarter worth $221,000. LPL Financial LLC raised its position in shares of Cadence Design Systems by 5.1% during the 4th quarter. LPL Financial LLC now owns 326,194 shares of the software maker's stock worth $98,008,000 after purchasing an additional 15,886 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Cadence Design Systems during the fourth quarter valued at $29,295,000. American Century Companies Inc. raised its position in shares of Cadence Design Systems by 6.2% in the fourth quarter. American Century Companies Inc. now owns 1,266,074 shares of the software maker's stock valued at $380,405,000 after buying an additional 73,375 shares during the last quarter. Finally, Plancorp LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $204,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded down $2.12 during trading hours on Thursday, hitting $261.29. The company had a trading volume of 603,038 shares, compared to its average volume of 1,804,826. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The firm has a market cap of $71.62 billion, a P/E ratio of 67.87, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The business has a fifty day simple moving average of $276.25 and a 200-day simple moving average of $284.31.

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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 for the quarter, missing the consensus estimate 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 firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Oppenheimer cut their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. Bank of America decreased their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Mizuho increased their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Finally, Loop Capital reduced their price target on 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $324.83.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm's 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 transaction, the vice president now directly owns 58,123 shares of the company's stock, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the company's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $16,987,930.96. The trade was a 9.58 % decrease in their position. 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 in the last three months. 1.99% of the stock is owned by company 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.