36,415 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by Walter Public Investments Inc.

Walter Public Investments Inc. purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 36,415 shares of the software maker’s stock, valued at approximately $11,207,000. Cadence Design Systems comprises 2.0% of Walter Public Investments Inc.’s investment portfolio, making the stock its 27th largest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Fiduciary Trust Co boosted its position in shares of Cadence Design Systems by 0.6% during the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after buying an additional 39 shares during the last quarter. Capital Market Strategies LLC boosted its holdings in 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 acquiring an additional 39 shares during the last quarter. Inspire Advisors LLC grew its stake in shares of Cadence Design Systems by 1.8% in the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after acquiring an additional 40 shares in the last quarter. Wealthcare Advisory Partners LLC raised its holdings 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 last quarter. Finally, First Affirmative Financial Network lifted its position in shares of Cadence Design Systems by 3.6% during 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 in the last quarter. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the transaction, the vice president now directly owns 65,194 shares in the company, valued at approximately $17,357,250.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the company’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 completion of the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The disclosure for this sale can be found here. Insiders sold a total of 36,113 shares of company stock worth $10,237,521 in the last quarter. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Price Performance

CDNS opened at $268.72 on Monday. The company has a market capitalization of $73.58 billion, a price-to-earnings ratio of 69.98, a PEG ratio of 3.19 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $273.76 and a 200-day moving average price of $291.51. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the firm posted $0.94 EPS. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. Equities analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. KeyCorp lifted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Robert W. Baird reduced their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

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.