Shares of Cadence Design Systems Inc (NASDAQ:CDNS) hit a new 52-week high on Monday . The company traded as high as $51.44 and last traded at $50.78, with a volume of 63212 shares. The stock had previously closed at $50.91.

CDNS has been the subject of a number of analyst reports. Benchmark raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research report on Tuesday, October 23rd. BidaskClub raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, February 5th. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research report on Friday, February 1st. Berenberg Bank assumed coverage on Cadence Design Systems in a research report on Tuesday, November 20th. They set a “hold” rating and a $50.00 price objective for the company. Finally, JPMorgan Chase & Co. raised Cadence Design Systems from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $49.00 to $51.00 in a research report on Tuesday, October 23rd. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $50.75.

The company has a quick ratio of 1.58, a current ratio of 1.64 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $14.36 billion, a price-to-earnings ratio of 47.91, a PEG ratio of 3.38 and a beta of 1.06.

In related news, insider Thomas P. Beckley sold 23,208 shares of the business’s stock in a transaction dated Thursday, January 31st. The stock was sold at an average price of $48.00, for a total transaction of $1,113,984.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Shoven sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 5th. The shares were sold at an average price of $50.00, for a total value of $2,500,000.00. Following the transaction, the director now owns 152,120 shares in the company, valued at $7,606,000. The disclosure for this sale can be found here. Insiders have sold a total of 173,208 shares of company stock valued at $8,418,984 in the last three months. 2.28% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. JNBA Financial Advisors bought a new position in Cadence Design Systems during the fourth quarter valued at about $39,000. Lindbrook Capital LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $52,000. North Star Investment Management Corp. grew its stake in shares of Cadence Design Systems by 80.8% in the 4th quarter. North Star Investment Management Corp. now owns 1,835 shares of the software maker’s stock valued at $80,000 after purchasing an additional 820 shares during the period. Private Ocean LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $105,000. Finally, Advisors Preferred LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $106,000. Hedge funds and other institutional investors own 89.13% of the company’s stock.

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About Cadence Design Systems (NASDAQ:CDNS)

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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