Parkside Financial Bank & Trust grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 45.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 334 shares of the software maker's stock after purchasing an additional 105 shares during the period. Parkside Financial Bank & Trust's holdings in Cadence Design Systems were worth $50,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in CDNS. CVA Family Office LLC grew its position in shares of Cadence Design Systems by 433.3% during the first quarter. CVA Family Office LLC now owns 160 shares of the software maker's stock valued at $26,000 after purchasing an additional 130 shares in the last quarter. Riverview Trust Co purchased a new position in Cadence Design Systems in the first quarter worth about $27,000. San Luis Wealth Advisors LLC purchased a new position in Cadence Design Systems in the first quarter worth about $28,000. MV Capital Management Inc. grew its position in Cadence Design Systems by 74.1% in the first quarter. MV Capital Management Inc. now owns 188 shares of the software maker's stock worth $31,000 after acquiring an additional 80 shares in the last quarter. Finally, Zions Bancorporation N.A. grew its position in Cadence Design Systems by 108.3% in the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker's stock worth $37,000 after acquiring an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 84.02% of the company's stock.
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Cadence Design Systems stock opened at $160.97 on Friday. The company has a 50 day moving average price of $175.97 and a 200-day moving average price of $160.51. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.49 and a current ratio of 1.59. Cadence Design Systems, Inc. has a fifty-two week low of $132.32 and a fifty-two week high of $194.97. The company has a market capitalization of $44.08 billion, a PE ratio of 57.70, a P/E/G ratio of 2.83 and a beta of 1.17.
Cadence Design Systems (NASDAQ:CDNS – Get Rating) last posted its quarterly earnings results on Monday, July 25th. The software maker reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.12. Cadence Design Systems had a net margin of 23.61% and a return on equity of 32.06%. The firm had revenue of $858.00 million during the quarter, compared to the consensus estimate of $835.01 million. During the same quarter in the previous year, the firm posted $0.71 earnings per share. The company's revenue was up 17.9% on a year-over-year basis. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 3.31 earnings per share for the current year.Insider Activity
In related news, VP Paul Cunningham sold 250 shares of the business's stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $148.24, for a total value of $37,060.00. Following the completion of the transaction, the vice president now owns 96,764 shares of the company's stock, valued at $14,344,295.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Aneel Zaman sold 1,207 shares of the business's stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $176.34, for a total value of $212,842.38. Following the completion of the transaction, the vice president now owns 91,077 shares of the company's stock, valued at $16,060,518.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 250 shares of the business's stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $148.24, for a total transaction of $37,060.00. Following the completion of the transaction, the vice president now directly owns 96,764 shares of the company's stock, valued at approximately $14,344,295.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 373,728 shares of company stock valued at $65,218,514. Corporate insiders own 1.99% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts recently commented on the company. Needham & Company LLC lifted their price target on Cadence Design Systems from $193.00 to $200.00 and gave the stock a "buy" rating in a research report on Tuesday, July 26th. Wolfe Research assumed coverage on Cadence Design Systems in a research report on Tuesday, August 16th. They issued an "outperform" rating and a $210.00 price target for the company. Stifel Nicolaus assumed coverage on Cadence Design Systems in a research report on Wednesday, September 7th. They issued a "hold" rating and a $200.00 price target for the company. Rosenblatt Securities lifted their price target on Cadence Design Systems from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Tuesday, July 26th. Finally, Bank of America raised shares of Cadence Design Systems from an "underperform" rating to a "neutral" rating and raised their price objective for the stock from $160.00 to $175.00 in a research note on Wednesday, June 29th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $191.92.
Cadence Design Systems Profile
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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.
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