Moore Capital Management LP raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 283.4% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 49,968 shares of the software maker’s stock after acquiring an additional 36,934 shares during the period. Moore Capital Management LP’s holdings in Cadence Design Systems were worth $18,754,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. Sigma Planning Corp grew its stake in shares of Cadence Design Systems by 25.6% during the 2nd quarter. Sigma Planning Corp now owns 2,137 shares of the software maker’s stock worth $802,000 after acquiring an additional 436 shares in the last quarter. GTS Securities LLC lifted its position in shares of Cadence Design Systems by 112.2% in the second quarter. GTS Securities LLC now owns 2,933 shares of the software maker’s stock worth $1,101,000 after purchasing an additional 1,551 shares in the last quarter. Cookson Peirce & Co. Inc. lifted its position in shares of Cadence Design Systems by 6.1% in the second quarter. Cookson Peirce & Co. Inc. now owns 2,082 shares of the software maker’s stock worth $781,000 after purchasing an additional 120 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Cadence Design Systems by 22.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 19,533 shares of the software maker’s stock worth $7,331,000 after purchasing an additional 3,540 shares during the last quarter. Finally, Wedbush Securities Inc. boosted its holdings in Cadence Design Systems by 57.3% during the second quarter. Wedbush Securities Inc. now owns 2,607 shares of the software maker’s stock worth $978,000 after purchasing an additional 950 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.
Cadence Design Systems Stock Performance
NASDAQ CDNS opened at $340.39 on Monday. The firm has a market capitalization of $93.74 billion, a P/E ratio of 67.67, a price-to-earnings-growth ratio of 3.65 and a beta of 1.15. The company has a current ratio of 1.74, a quick ratio of 1.53 and a debt-to-equity ratio of 0.36. The firm’s fifty day moving average price is $348.17 and its two-hundred day moving average price is $333.56. Cadence Design Systems, Inc. has a 1 year low of $262.75 and a 1 year high of $416.69.
Analyst Ratings Changes
Several equities research analysts have issued reports on CDNS shares. Wall Street Zen upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $400.00 to $425.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Piper Sandler raised their price objective on Cadence Design Systems from $325.00 to $349.00 and gave the company a “neutral” rating in a report on Tuesday, July 28th. Citigroup lifted their target price on Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, KeyCorp reiterated an “overweight” rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. Thirteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $405.69.
Read Our Latest Report on Cadence Design Systems
Insider Buying and Selling at Cadence Design Systems
In other news, VP Paul Cunningham sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $323.32, for a total value of $646,640.00. Following the completion of the sale, the vice president directly owned 124,586 shares of the company’s stock, valued at $40,281,145.52. This trade represents a 1.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Anirudh Devgan sold 25,005 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $415.00, for a total value of $10,377,075.00. Following the transaction, the chief executive officer directly owned 253,519 shares in the company, valued at $105,210,385. The trade was a 8.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 32,226 shares of company stock valued at $12,947,681 in the last three months. Corporate insiders own 0.49% of the company’s stock.
About Cadence Design Systems
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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