Kowal Investment Group LLC Boosts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kowal Investment Group LLC increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 33.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,496 shares of the software maker’s stock after purchasing an additional 378 shares during the period. Kowal Investment Group LLC’s holdings in Cadence Design Systems were worth $466,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake 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 valued at $6,674,006,000 after purchasing an additional 384,637 shares during the period. Norges Bank purchased a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $1,141,059,000. Nordea Investment Management AB increased its position in Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP raised its stake in Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after buying an additional 962,987 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Cadence Design Systems by 20.2% during the fourth quarter. Van ECK Associates Corp now owns 1,583,529 shares of the software maker’s stock valued at $431,306,000 after acquiring an additional 265,943 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded up $2.73 during midday trading on Monday, hitting $310.48. The company had a trading volume of 725,586 shares, compared to its average volume of 1,555,749. The company has a market cap of $84.58 billion, a price-to-earnings ratio of 80.14, a PEG ratio of 3.77 and a beta of 1.03. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The company has a fifty day moving average of $294.50 and a two-hundred day moving average of $293.96. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the business posted $1.02 earnings per share. The business’s quarterly revenue was down 1.2% on a year-over-year basis. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on CDNS shares. Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, May 17th. Finally, Bank of America boosted 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. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $332.78.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the sale, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated 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 in the company, valued at $15,498,015.89. The disclosure for this sale can be found here. Insiders sold a total of 39,534 shares of company stock valued at $11,735,433 over the last three months. Corporate insiders own 0.62% 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.