Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Reduced by AMJ Financial Wealth Management

AMJ Financial Wealth Management trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 25,970 shares of the software maker’s stock after selling 105 shares during the quarter. Cadence Design Systems comprises 2.5% of AMJ Financial Wealth Management’s portfolio, making the stock its 20th largest position. AMJ Financial Wealth Management’s holdings in Cadence Design Systems were worth $7,992,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CDNS. Gilbert & Cook Inc. boosted its position in shares of Cadence Design Systems by 8.3% in the fourth quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock worth $986,000 after buying an additional 278 shares during the period. Private Advisor Group LLC increased its stake in shares of Cadence Design Systems by 19.2% in the fourth quarter. Private Advisor Group LLC now owns 5,474 shares of the software maker’s stock worth $1,491,000 after purchasing an additional 881 shares during the period. Principal Securities Inc. bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $948,000. AGF Management Ltd. grew its position in Cadence Design Systems by 39.7% during the fourth quarter. AGF Management Ltd. now owns 10,283 shares of the software maker’s stock worth $2,801,000 after buying an additional 2,922 shares in the last quarter. Finally, Qsemble Capital Management LP acquired a new stake in Cadence Design Systems during the fourth quarter worth about $389,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 0.5 %

Shares of NASDAQ CDNS traded up $1.31 during mid-day trading on Tuesday, reaching $254.12. 47,702 shares of the company’s stock traded hands, compared to its average volume of 1,715,082. The stock has a market cap of $69.58 billion, a P/E ratio of 65.84, a PEG ratio of 2.98 and a beta of 1.02. The business has a 50-day simple moving average of $277.95 and a 200 day simple moving average of $292.56. Cadence Design Systems, Inc. has a 1-year low of $227.05 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 announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate 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 business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CDNS. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. KeyCorp increased their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, Robert W. Baird cut their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CFO John M. Wall sold 10,000 shares of the company’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 sale, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,613 shares of company stock valued at $10,701,156. Corporate insiders own 1.99% of the company’s stock.

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.