NorthCrest Asset Manangement LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,173 shares of the software maker's stock, valued at approximately $476,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CVA Family Office LLC grew its position in 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 buying an additional 130 shares during the period. Riverview Trust Co acquired a new stake in shares of Cadence Design Systems in the first quarter valued at about $27,000. San Luis Wealth Advisors LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at about $28,000. MV Capital Management Inc. grew its position in shares of Cadence Design Systems by 74.1% in the first quarter. MV Capital Management Inc. now owns 188 shares of the software maker's stock valued at $31,000 after purchasing an additional 80 shares during the period. Finally, Zions Bancorporation N.A. grew its position in shares of Cadence Design Systems by 108.3% in the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker's stock valued at $37,000 after purchasing an additional 117 shares during the period. Institutional investors and hedge funds own 84.02% of the company's stock.
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In other 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 sale, the vice president now directly owns 96,764 shares of the company's stock, valued at approximately $14,344,295.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Paul Cunningham sold 250 shares of the company'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 transaction of $37,060.00. Following the sale, the vice president now directly owns 96,764 shares of the company's stock, valued at approximately $14,344,295.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Lip Bu Tan sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $166.74, for a total transaction of $6,669,600.00. Following the sale, the insider now directly owns 1,154,268 shares in the company, valued at $192,462,646.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 373,728 shares of company stock valued at $65,218,514. Company insiders own 1.99% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on the stock. Needham & Company LLC lifted their target price on shares of Cadence Design Systems from $193.00 to $200.00 and gave the company a "buy" rating in a research report on Tuesday, July 26th. Bank of America upgraded shares of Cadence Design Systems from an "underperform" rating to a "neutral" rating and boosted their price target for the stock from $160.00 to $175.00 in a research report on Wednesday, June 29th. Wolfe Research started coverage on shares of Cadence Design Systems in a research report on Tuesday, August 16th. They set an "outperform" rating and a $210.00 price target on the stock. Stifel Nicolaus started coverage on shares of Cadence Design Systems in a research report on Wednesday, September 7th. They set a "hold" rating and a $200.00 price target on the stock. Finally, Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Tuesday, July 26th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and a consensus target price of $191.92.Cadence Design Systems Price Performance
Cadence Design Systems stock opened at $162.38 on Tuesday. The company's 50 day simple moving average is $176.12 and its 200-day simple moving average is $160.78. The company has a market capitalization of $44.47 billion, a price-to-earnings ratio of 58.20, a price-to-earnings-growth ratio of 2.74 and a beta of 1.17. Cadence Design Systems, Inc. has a 1 year low of $132.32 and a 1 year high of $194.97. 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 (NASDAQ:CDNS – Get Rating) last released its quarterly earnings results on Monday, July 25th. The software maker reported $1.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.96 by $0.12. The business had revenue of $858.00 million for the quarter, compared to the consensus estimate of $835.01 million. Cadence Design Systems had a net margin of 23.61% and a return on equity of 32.06%. The business's revenue was up 17.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.71 EPS. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 3.31 earnings per share for the current year.
About Cadence Design Systems
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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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