Annapolis Financial Services LLC Makes New $32,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Annapolis Financial Services LLC bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 104 shares of the software maker’s stock, valued at approximately $32,000.

Several other large investors have also recently made changes to their positions in CDNS. Norges Bank purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $1,141,059,000. Nordea Investment Management AB raised its holdings in 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 last quarter. Wellington Management Group LLP raised its holdings in 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 last quarter. Assenagon Asset Management S.A. raised its holdings in 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 last quarter. Finally, Vanguard Group Inc. raised its holdings in 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 last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded down $0.17 during mid-day trading on Friday, reaching $307.75. 2,312,595 shares of the company’s stock traded hands, compared to its average volume of 1,602,099. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The firm has a 50 day moving average price of $294.50 and a two-hundred day moving average price of $293.83. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The firm has a market capitalization of $83.84 billion, a PE ratio of 80.14, a price-to-earnings-growth ratio of 3.77 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $1 billion. During the same quarter in the previous year, the firm posted $1.02 EPS. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, research analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent analyst reports. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Bank of America boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Finally, KeyCorp lifted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday. 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $332.78.

Insider Activity

In related news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. Insiders sold a total of 41,134 shares of company stock valued at $12,232,169 in the last 90 days. Company insiders own 1.99% of the company’s stock.

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.