Caprock Group LLC Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Caprock Group LLC lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 212.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,519 shares of the software maker’s stock after buying an additional 7,833 shares during the period. Caprock Group LLC’s holdings in Cadence Design Systems were worth $3,545,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at about $1,141,059,000. Swedbank AB acquired a new position in Cadence Design Systems in the 1st quarter valued at about $439,988,000. Principal Financial Group Inc. boosted its holdings in Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after purchasing an additional 1,119,824 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after buying an additional 468,195 shares during the period. Finally, Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after buying an additional 459,603 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Robert W. Baird decreased their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Bank of America lifted 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. Finally, KeyCorp upped their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $247.52 on Friday. The stock’s 50-day simple moving average is $279.11 and its 200-day simple moving average is $292.91. The firm has a market capitalization of $67.43 billion, a PE ratio of 64.46, a price-to-earnings-growth ratio of 3.24 and a beta of 1.02. Cadence Design Systems, Inc. has a fifty-two week low of $227.05 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

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

Insider Activity

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. The disclosure for this sale can be found here. Insiders have sold 38,263 shares of company stock valued at $10,892,906 in the last ninety days. 1.99% of the stock is currently 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.