Donaldson Capital Management LLC Acquires 759 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Donaldson Capital Management LLC boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.4% during the first quarter, Holdings Channel reports. The fund owned 14,863 shares of the software maker’s stock after purchasing an additional 759 shares during the period. Donaldson Capital Management LLC’s holdings in Cadence Design Systems were worth $3,780,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Golden State Wealth Management LLC bought a new position in Cadence Design Systems in the 4th quarter valued at about $28,000. Ancora Advisors LLC raised its holdings in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after acquiring an additional 112 shares during the period. Avalon Trust Co bought a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $39,000. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $46,000. Finally, Synergy Investment Management LLC bought a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $50,000. 84.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on CDNS shares. Robert W. Baird increased their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Oppenheimer lowered their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Rosenblatt Securities raised their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 29th. Finally, Bank of America raised their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $325.23.

Insider Buying and Selling at Cadence Design Systems

In related news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director now directly owns 23,996 shares of the company’s stock, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $285.97, for a total transaction of $185,880.50. Following the sale, the vice president now directly owns 107,499 shares in the company, valued at $30,741,489.03. This trade represents a 0.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,445 shares of company stock worth $5,615,733 over the last 90 days. Insiders own 0.37% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $305.69 on Wednesday. The company’s 50-day moving average price is $288.26 and its two-hundred day moving average price is $287.32. The firm has a market cap of $83.47 billion, a P/E ratio of 79.19, a P/E/G ratio of 3.88 and a beta of 0.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the company posted $1.17 EPS. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. On average, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Cadence Design Systems 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.