KRS Capital Management LLC Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

KRS Capital Management LLC grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.8% during the 1st quarter, Holdings Channel reports. The fund owned 2,076 shares of the software maker’s stock after buying an additional 186 shares during the quarter. KRS Capital Management LLC’s holdings in Cadence Design Systems were worth $646,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Valley National Advisers Inc. lifted its stake in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $28,000. Union Savings Bank acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $33,000. Rakuten Securities Inc. acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $45,000. Finally, Rise Advisors LLC acquired a new position in Cadence Design Systems during the first quarter worth about $45,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the completion of the transaction, the director now owns 48,051 shares in the company, valued at $14,852,083.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the transaction, the director now owns 48,051 shares in the company, valued at approximately $14,852,083.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $310,460.00. Following the completion of the transaction, the vice president now owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 41,134 shares of company stock worth $12,232,169. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 0.1 %

CDNS traded down $0.17 during trading on Friday, hitting $307.75. The company had a trading volume of 2,312,595 shares, compared to its average volume of 1,602,099. The company has a market cap of $83.84 billion, a PE ratio of 80.14, a P/E/G ratio of 3.77 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. The business has a 50-day moving average of $294.50 and a 200-day moving average of $293.70. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.02 earnings per share. As a group, analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Analysts Set New Price Targets

CDNS has been the subject of a number of research reports. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Bank of America boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. KeyCorp boosted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday. Piper Sandler decreased their price objective on shares of 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. Finally, Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $332.78.

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.