Lake Street Advisors Group LLC Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lake Street Advisors Group LLC boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,212 shares of the software maker’s stock after buying an additional 248 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Cadence Design Systems were worth $689,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Empowered Funds LLC lifted its stake in shares of Cadence Design Systems by 223.8% during the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after purchasing an additional 6,346 shares during the period. Norden Group LLC increased its holdings in shares of Cadence Design Systems by 1,659.3% during the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after buying an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. increased its holdings in shares of Cadence Design Systems by 37.5% during the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock worth $5,258,000 after buying an additional 5,269 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Cadence Design Systems by 3.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock worth $30,435,000 after buying an additional 3,899 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after buying an additional 468,195 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on CDNS shares. Bank of America upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. KeyCorp lifted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Wells Fargo & Company lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Robert W. Baird decreased their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the transaction, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock valued at $14,987,093 over the last quarter. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded down $4.26 during midday trading on Thursday, hitting $262.08. 1,388,993 shares of the company’s stock were exchanged, compared to its average volume of 1,602,163. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The stock’s 50 day moving average price is $302.33 and its 200-day moving average price is $298.11. The firm has a market cap of $71.40 billion, a P/E ratio of 69.36, a PEG ratio of 3.46 and a beta of 1.03. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 31.52% and a net margin of 25.36%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the firm posted $0.94 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Cadence Design Systems Company 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.