Advisor OS LLC Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Advisor OS LLC raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 4,744 shares of the software maker’s stock after buying an additional 499 shares during the quarter. Advisor OS LLC’s holdings in Cadence Design Systems were worth $1,460,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CDNS. Fiduciary Trust Co boosted its stake in shares of 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 in the last quarter. Capital Market Strategies LLC boosted its stake in shares of 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 in the last quarter. Inspire Advisors LLC boosted its stake in shares of Cadence Design Systems by 1.8% during 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 boosted its stake in shares of 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 in the last quarter. Finally, First Affirmative Financial Network boosted its stake in shares of Cadence Design Systems by 3.6% during the 1st quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock worth $412,000 after acquiring an additional 46 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at approximately $29,179,582.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on 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 sale, 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 can be accessed through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Insiders sold 38,263 shares of company stock worth $10,892,906 in the last 90 days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 1.3 %

CDNS stock opened at $247.52 on Friday. The company has a market cap of $67.43 billion, a price-to-earnings ratio of 64.46, a PEG ratio of 3.24 and a beta of 1.03. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 12 month low of $227.05 and a 12 month high of $328.99. The firm has a 50-day moving average of $279.11 and a two-hundred day moving average of $292.91.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. As a group, analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CDNS shares. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Robert W. Baird reduced their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Bank of America upped their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $334.56.

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.