Robinhood Asset Management LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) in the second quarter, HoldingsChannel reports. The institutional investor purchased 32,747 shares of the software maker’s stock, valued at approximately $12,291,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Pinnacle Wealth Management Advisory Group LLC raised its holdings in shares of Cadence Design Systems by 3.1% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,033 shares of the software maker’s stock valued at $287,000 after purchasing an additional 31 shares during the period. Westfuller Advisors LLC lifted its stake in Cadence Design Systems by 8.2% in the 1st quarter. Westfuller Advisors LLC now owns 408 shares of the software maker’s stock valued at $113,000 after purchasing an additional 31 shares during the last quarter. Cornerstone Planning Group LLC grew its holdings in Cadence Design Systems by 32.0% during the first quarter. Cornerstone Planning Group LLC now owns 132 shares of the software maker’s stock worth $37,000 after purchasing an additional 32 shares during the period. KCM Investment Advisors LLC increased its position in Cadence Design Systems by 0.4% during the first quarter. KCM Investment Advisors LLC now owns 8,013 shares of the software maker’s stock worth $2,227,000 after buying an additional 32 shares during the last quarter. Finally, Fulton Bank N.A. increased its position in Cadence Design Systems by 2.6% during the second quarter. Fulton Bank N.A. now owns 1,296 shares of the software maker’s stock worth $486,000 after buying an additional 33 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.
Cadence Design Systems Trading Up 1.7%
Shares of NASDAQ:CDNS opened at $319.02 on Friday. Cadence Design Systems, Inc. has a 12-month low of $262.75 and a 12-month high of $416.69. The business has a 50 day moving average of $353.70 and a 200-day moving average of $331.25. The company has a quick ratio of 1.53, a current ratio of 1.74 and a debt-to-equity ratio of 0.36. The stock has a market cap of $87.86 billion, a PE ratio of 63.42, a P/E/G ratio of 3.36 and a beta of 1.15.
Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on CDNS. Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, July 29th. Needham & Company LLC reissued a “buy” rating and set a $400.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 28th. Berenberg Bank set a $440.00 price target on Cadence Design Systems in a research note on Wednesday, May 27th. Stifel Nicolaus raised their price target on Cadence Design Systems from $395.00 to $432.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Finally, Oppenheimer reaffirmed a “market perform” rating and set a $300.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Thirteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $405.69.
View Our Latest Stock Report on CDNS
Insider Transactions at Cadence Design Systems
In other news, 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 value of $576,204.74. Following the completion of the sale, the director owned 23,264 shares of the company’s stock, valued at approximately $8,871,493.76. The trade was a 6.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $387.45, for a total transaction of $69,741.00. Following the completion of the transaction, the director owned 8,004 shares in the company, valued at $3,101,149.80. This trade represents a 2.20% 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. Over the last quarter, insiders sold 89,599 shares of company stock worth $35,710,627. 0.49% of the stock is currently owned by company insiders.
Cadence Design Systems Company 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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