Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Brookstone Capital Management

Brookstone Capital Management grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 15.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,037 shares of the software maker’s stock after buying an additional 138 shares during the period. Brookstone Capital Management’s holdings in Cadence Design Systems were worth $323,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Valley National Advisers Inc. boosted its holdings in shares of Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares in the last quarter. Fortitude Family Office LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $28,000. Union Savings Bank acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $33,000. Rakuten Securities Inc. acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $45,000. Finally, Rise Advisors LLC purchased a new stake in Cadence Design Systems in the 1st quarter valued at $45,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 1.0 %

Shares of NASDAQ CDNS opened at $310.92 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The firm has a 50-day moving average price of $294.50 and a 200 day moving average price of $293.96. The stock has a market capitalization of $84.70 billion, a price-to-earnings ratio of 80.97, a price-to-earnings-growth ratio of 3.77 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the business earned $1.02 earnings per share. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, 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. Insiders sold 39,534 shares of company stock worth $11,735,433 over the last 90 days. Company insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Bank of America upped their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Robert W. Baird upped their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $332.78.

Read Our Latest Research Report on CDNS

About Cadence Design Systems

(Free Report)

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.

See Also

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.