Chesley Taft & Associates LLC Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Chesley Taft & Associates LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 61.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,769 shares of the software maker’s stock after purchasing an additional 5,224 shares during the period. Chesley Taft & Associates LLC’s holdings in Cadence Design Systems were worth $3,502,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at $28,000. Ancora Advisors LLC grew its holdings in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after buying an additional 112 shares during the period. Avalon Trust Co acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at about $39,000. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems during the 4th quarter worth about $46,000. Finally, Synergy Investment Management LLC purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $50,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Trading Up 0.4%

Shares of CDNS opened at $294.40 on Thursday. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The stock has a 50-day moving average price of $284.78 and a 200 day moving average price of $287.52. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a market capitalization of $80.38 billion, a P/E ratio of 76.27, a P/E/G ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.17 earnings per share. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Piper Sandler increased their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Rosenblatt Securities lifted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a report on Tuesday, April 29th. Bank of America upped their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Mizuho boosted their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Finally, Robert W. Baird raised their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $325.23.

Insider Buying and Selling

In other news, Director James D. Plummer sold 868 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the transaction, the director now directly owns 23,996 shares of the company’s stock, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $285.97, for a total transaction of $185,880.50. Following the sale, the vice president now owns 107,499 shares in the company, valued at $30,741,489.03. This trade represents a 0.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,445 shares of company stock worth $5,615,733. 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.