Raymond James Financial Inc. Invests $171.99 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Raymond James Financial Inc. bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 572,424 shares of the software maker’s stock, valued at approximately $171,991,000. Raymond James Financial Inc. owned about 0.21% of Cadence Design Systems as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in CDNS. Principal Financial Group Inc. raised its position in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $148,594,000. Proficio Capital Partners LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $129,546,000. Jennison Associates LLC raised its position in shares of Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after acquiring an additional 404,076 shares during the last quarter. Finally, AustralianSuper Pty Ltd raised its position in shares of Cadence Design Systems by 2,353.1% during the fourth quarter. AustralianSuper Pty Ltd now owns 406,682 shares of the software maker’s stock worth $122,192,000 after acquiring an additional 390,104 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CDNS shares. Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Rosenblatt Securities boosted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Needham & Company LLC reissued a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Wells Fargo & Company initiated coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $243.21 on Friday. The stock has a 50 day moving average price of $288.68 and a 200 day moving average price of $285.42. Cadence Design Systems, Inc. has a 52 week low of $233.72 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a market capitalization of $66.67 billion, a PE ratio of 63.01, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,504,126 over the last 90 days. Company insiders own 1.99% of the company’s stock.

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.