Virtu Financial LLC Buys 504 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Virtu Financial LLC grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,734 shares of the software maker’s stock after purchasing an additional 504 shares during the period. Virtu Financial LLC’s holdings in Cadence Design Systems were worth $851,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Ulland Investment Advisors LLC purchased a new stake in shares of Cadence Design Systems in the first quarter worth approximately $25,000. Valley National Advisers Inc. increased its holdings in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares during the period. RiverPark Advisors LLC purchased a new position in Cadence Design Systems during the 1st quarter worth $26,000. Annapolis Financial Services LLC purchased a new position in Cadence Design Systems during the 1st quarter worth $32,000. Finally, Union Savings Bank purchased a new position in Cadence Design Systems during the 4th quarter worth $33,000. 84.85% of the stock is owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the transaction, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,534 shares of company stock worth $14,546,517. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 4.3 %

Shares of Cadence Design Systems stock opened at $249.63 on Friday. The stock has a market cap of $68.35 billion, a P/E ratio of 65.01, a P/E/G ratio of 3.14 and a beta of 1.03. The stock’s 50 day simple moving average is $297.63 and its 200-day simple moving average is $297.54. Cadence Design Systems, Inc. has a 1-year low of $217.77 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last issued 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. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period 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. Analysts predict that Cadence Design Systems, Inc. will post 4.74 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Bank of America raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. KeyCorp lifted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Finally, Wells Fargo & Company lifted their price objective 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. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

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.