Bradley Foster & Sargent Inc. CT decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 5.8% during the 1st quarter, Holdings Channel reports. The firm owned 122,148 shares of the software maker’s stock after selling 7,477 shares during the quarter. Bradley Foster & Sargent Inc. CT’s holdings in Cadence Design Systems were worth $33,941,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of CDNS. Whipplewood Advisors LLC raised its position in shares of Cadence Design Systems by 933.3% during the 1st quarter. Whipplewood Advisors LLC now owns 93 shares of the software maker’s stock worth $26,000 after purchasing an additional 84 shares during the last quarter. Brown Lisle Cummings Inc. boosted its holdings in Cadence Design Systems by 860.0% in the 1st quarter. Brown Lisle Cummings Inc. now owns 96 shares of the software maker’s stock worth $27,000 after buying an additional 86 shares during the last quarter. University of Texas Texas AM Investment Management Co. purchased a new stake in Cadence Design Systems during the 4th quarter worth approximately $28,000. Swiss RE Ltd. purchased a new stake in Cadence Design Systems during the 4th quarter worth approximately $29,000. Finally, Lodestone Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.
Cadence Design Systems Trading Down 1.3%
Shares of Cadence Design Systems stock opened at $326.24 on Friday. The stock has a market cap of $89.98 billion, a P/E ratio of 76.05, a P/E/G ratio of 3.86 and a beta of 1.15. The stock’s 50 day simple moving average is $373.92 and its 200-day simple moving average is $329.27. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $416.69. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.47 and a quick ratio of 1.32.
Wall Street Analysts Forecast Growth
CDNS has been the topic of several research reports. Piper Sandler raised their target price on Cadence Design Systems from $319.00 to $325.00 and gave the company a “neutral” rating in a research report on Tuesday, April 28th. Stifel Nicolaus increased their price objective on Cadence Design Systems from $395.00 to $432.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. KeyCorp raised their price objective on Cadence Design Systems from $405.00 to $425.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 target price on shares of Cadence Design Systems in a research note on Tuesday, April 28th. Finally, Berenberg Bank set a $440.00 target price on shares of Cadence Design Systems in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $393.65.
Insider Buying and Selling
In other news, VP Paul Scannell sold 7,081 shares of Cadence Design Systems stock in a transaction on Monday, June 1st. The stock was sold at an average price of $393.91, for a total transaction of $2,789,276.71. Following the transaction, the vice president owned 32,181 shares in the company, valued at $12,676,417.71. The trade was a 18.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Plummer sold 1,511 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $381.34, for a total transaction of $576,204.74. Following the transaction, the director directly owned 23,264 shares in the company, valued at approximately $8,871,493.76. The trade was a 6.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 157,057 shares of company stock worth $60,272,277 over the last quarter. Corporate insiders own 0.49% of the company’s stock.
Cadence Design Systems Profile
Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.
The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.
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