Miracle Mile Advisors LLC Has $1.48 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Miracle Mile Advisors LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 38.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,744 shares of the software maker’s stock after purchasing an additional 1,314 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Cadence Design Systems were worth $1,477,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in CDNS. Parkside Financial Bank & Trust boosted its holdings in shares of Cadence Design Systems by 8.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after acquiring an additional 38 shares in the last quarter. Highview Capital Management LLC DE grew its position in Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $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% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after acquiring an additional 39 shares during the last quarter. Wealthcare Advisory Partners LLC grew its position in Cadence Design Systems by 4.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after acquiring an additional 41 shares during the last quarter. Finally, Capital Market Strategies LLC grew its position in Cadence Design Systems by 3.4% during the 1st quarter. Capital Market Strategies LLC now owns 1,261 shares of the software maker’s stock worth $393,000 after acquiring an additional 42 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Piper Sandler decreased their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Robert W. Baird increased their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Finally, KeyCorp increased their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $332.78.

Cadence Design Systems Trading Up 1.0 %

Shares of CDNS stock traded up $3.17 during trading hours on Monday, reaching $310.92. The company had a trading volume of 1,278,348 shares, compared to its average volume of 1,560,171. The company has a 50 day moving average of $294.50 and a 200 day moving average of $293.96. 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 firm has a market cap of $84.70 billion, a price-to-earnings ratio of 80.97, a P/E/G ratio of 3.77 and a beta of 1.03. 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 posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.02 EPS. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction 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 approximately $5,639,372.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the completion of the transaction, the vice president now owns 67,144 shares in the company, valued at approximately $18,488,771.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated 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 approximately $5,639,372.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,534 shares of company stock valued at $11,735,433. 0.62% of the stock is owned by company insiders.

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.