Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Chicago Capital LLC

Chicago Capital LLC boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.7% during the second quarter, Holdings Channel.com reports. The fund owned 45,404 shares of the software maker’s stock after acquiring an additional 1,629 shares during the period. Chicago Capital LLC’s holdings in Cadence Design Systems were worth $13,973,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Fiduciary Trust Co lifted its holdings in Cadence Design Systems by 0.6% in the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after purchasing an additional 39 shares in the last quarter. Capital Market Strategies LLC lifted its stake in shares of Cadence Design Systems by 3.1% during the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after purchasing an additional 39 shares during the period. Inspire Advisors LLC boosted its holdings in shares of Cadence Design Systems by 1.8% during the first quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after purchasing an additional 40 shares during the last quarter. Wealthcare Advisory Partners LLC grew its position in shares of Cadence Design Systems by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after purchasing an additional 41 shares during the period. Finally, First Affirmative Financial Network grew its position in shares of Cadence Design Systems by 3.6% in the first quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after purchasing an additional 46 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $295.00, for a total value of $191,750.00. Following the completion of the sale, the vice president now directly owns 66,494 shares in the company, valued at approximately $19,615,730. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,263 shares of company stock worth $10,892,906. 1.99% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Robert W. Baird reduced their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a report on Tuesday, August 6th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. KeyCorp upped their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Finally, Bank of America lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Stock Down 1.3 %

Shares of NASDAQ CDNS traded down $3.33 during midday trading on Friday, reaching $247.52. 1,740,196 shares of the company’s stock were exchanged, compared to its average volume of 1,720,919. The stock has a market capitalization of $67.43 billion, a PE ratio of 64.46, a price-to-earnings-growth ratio of 3.24 and a beta of 1.03. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The business’s fifty day moving average price is $279.11 and its two-hundred day moving average price is $292.91.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.94 EPS. Analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current 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.