Financial Management Professionals Inc. Acquires 70 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Financial Management Professionals Inc. increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 56.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 193 shares of the software maker’s stock after acquiring an additional 70 shares during the quarter. Financial Management Professionals Inc.’s holdings in Cadence Design Systems were worth $60,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Pinebridge Investments L.P. raised its stake in shares of Cadence Design Systems by 37.5% in the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after buying an additional 5,269 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in shares of Cadence Design Systems by 3.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after buying an additional 3,899 shares during the period. USA Financial Formulas raised its stake in shares of Cadence Design Systems by 380.7% in the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock valued at $2,430,000 after buying an additional 7,066 shares during the period. Miracle Mile Advisors LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter valued at $934,000. Finally, Dai ichi Life Insurance Company Ltd raised its stake in shares of Cadence Design Systems by 10.8% in the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 65,971 shares of the software maker’s stock valued at $17,969,000 after buying an additional 6,422 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on CDNS shares. Wells Fargo & Company boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Bank of America boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Robert W. Baird boosted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Finally, KeyCorp boosted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $332.78.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $307.75 on Friday. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The business has a 50-day simple moving average of $294.50 and a 200 day simple moving average of $293.83. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The stock has a market cap of $83.84 billion, a price-to-earnings ratio of 80.14, a PEG ratio of 3.77 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the business earned $1.02 earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis. On average, research analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $310,460.00. Following the completion of the sale, the vice president now directly owns 68,144 shares in the company, valued at approximately $21,155,986.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,134 shares of company stock worth $12,232,169. 1.99% of the stock is currently owned by insiders.

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.