Strategic Advisors LLC Purchases 60 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Strategic Advisors LLC lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.8% in the 1st quarter, Holdings Channel reports. The fund owned 7,860 shares of the software maker’s stock after acquiring an additional 60 shares during the quarter. Strategic Advisors LLC’s holdings in Cadence Design Systems were worth $1,999,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in CDNS. Principal Financial Group Inc. raised its holdings in Cadence Design Systems by 10.7% in the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after purchasing an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. grew its position in shares of Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after buying an additional 1,766 shares during the period. Meridiem Investment Management Ltd. increased its stake in shares of Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after acquiring an additional 306,887 shares in the last quarter. Park Square Financial Group LLC bought a new stake in Cadence Design Systems during the fourth quarter worth about $348,000. Finally, Citizens Financial Group Inc. RI grew its holdings in Cadence Design Systems by 80.6% in the fourth quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker’s stock worth $2,421,000 after purchasing an additional 3,595 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now owns 108,799 shares of the company’s stock, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the sale, the director now directly owns 7,411 shares of the company’s stock, valued at approximately $2,038,025. This represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,625 shares of company stock valued at $5,670,453 over the last 90 days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

CDNS opened at $300.81 on Tuesday. The company’s 50-day simple moving average is $293.97 and its two-hundred day simple moving average is $287.08. 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 stock has a market capitalization of $82.13 billion, a P/E ratio of 77.93, a P/E/G ratio of 3.88 and a beta of 0.98. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.07. The company 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 quarter last year, the company posted $1.17 earnings per share. As a group, analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analysts Set New Price Targets

CDNS has been the subject of several recent research reports. Bank of America lifted their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Piper Sandler lifted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Rosenblatt Securities boosted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday, April 29th. Wells Fargo & Company raised their price target on Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Finally, KeyCorp upped their price target on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $325.23.

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.