Contravisory Investment Management Inc. Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Contravisory Investment Management Inc. boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 498.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 27,587 shares of the software maker’s stock after buying an additional 22,977 shares during the quarter. Cadence Design Systems accounts for approximately 1.9% of Contravisory Investment Management Inc.’s holdings, making the stock its 16th biggest position. Contravisory Investment Management Inc.’s holdings in Cadence Design Systems were worth $8,587,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CDNS. Parkside Financial Bank & Trust grew its stake in shares of Cadence Design Systems by 8.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after acquiring an additional 38 shares during the period. Highview Capital Management LLC DE grew its position in Cadence Design Systems by 0.8% in the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after acquiring an additional 39 shares during the last quarter. Fiduciary Trust Co grew its position 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 acquiring an additional 39 shares during the last quarter. Capital Market Strategies LLC grew its position in Cadence Design Systems by 3.4% in the 1st quarter. Capital Market Strategies LLC now owns 1,261 shares of the software maker’s stock valued at $393,000 after acquiring an additional 42 shares during the last quarter. Finally, BSW Wealth Partners grew its position in Cadence Design Systems by 2.8% in the 4th quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock valued at $442,000 after acquiring an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the sale, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Paul Cunningham sold 1,000 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 $275,360.00. Following the transaction, the vice president now owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 62,834 shares of company stock valued at $18,989,549. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

CDNS stock traded down $0.14 during trading on Friday, hitting $318.39. 2,713,394 shares of the company traded hands, compared to its average volume of 1,519,347. The stock’s 50-day simple moving average is $292.83 and its 200 day simple moving average is $292.26. 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 company has a market cap of $86.74 billion, a PE ratio of 82.91, a P/E/G ratio of 3.90 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same period last year, the company earned $1.02 earnings per share. Cadence Design Systems’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Robert W. Baird increased their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Wells Fargo & Company increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Piper Sandler decreased their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Bank of America increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $331.11.

About Cadence Design Systems

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.