Ignite Planners LLC Has $348,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ignite Planners LLC raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 21.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,115 shares of the software maker’s stock after buying an additional 198 shares during the quarter. Ignite Planners LLC’s holdings in Cadence Design Systems were worth $348,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $1,141,059,000. Nordea Investment Management AB lifted its position in shares of Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after acquiring an additional 1,052,228 shares during the period. Wellington Management Group LLP lifted its position in shares of Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after acquiring an additional 962,987 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Cadence Design Systems by 261.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after acquiring an additional 448,918 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Cadence Design Systems by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after acquiring an additional 384,637 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 2.9 %

Shares of CDNS opened at $309.14 on Tuesday. The stock has a fifty day moving average price of $292.98 and a two-hundred day moving average price of $292.85. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $328.99. The company has a market cap of $84.22 billion, a price-to-earnings ratio of 80.51, a PEG ratio of 3.90 and a beta of 1.04.

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

Analysts Set New Price Targets

CDNS has been the subject of a number of research reports. Wells Fargo & Company raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Bank of America raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. KeyCorp raised their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, May 17th. Finally, Robert W. Baird raised their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $331.11.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Friday, June 14th. The stock was sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the sale, the director now directly owns 48,051 shares of the company’s stock, valued at approximately $14,852,083.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Friday, June 14th. The stock was sold at an average price of $309.09, for a total transaction of $463,635.00. Following the completion of the sale, the director now directly owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO John M. Wall sold 21,700 shares of Cadence Design Systems stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $311.40, for a total value of $6,757,380.00. Following the sale, the chief financial officer now directly owns 41,035 shares of the company’s stock, valued at $12,778,299. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,834 shares of company stock valued at $18,989,549. Company insiders own 1.99% of the company’s stock.

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.