Cadence Design Systems, Inc. (NASDAQ:CDNS) Holdings Boosted by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 73,366 shares of the software maker’s stock after acquiring an additional 780 shares during the period. Janney Montgomery Scott LLC’s holdings in Cadence Design Systems were worth $22,837,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of CDNS. Norges Bank bought a new position in Cadence Design Systems in the fourth quarter worth about $1,141,059,000. Nordea Investment Management AB lifted its holdings in Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after acquiring an additional 1,052,228 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after acquiring an additional 962,987 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after buying an additional 448,918 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the topic of a number of recent analyst reports. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Piper Sandler dropped their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Wells Fargo & Company upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Robert W. Baird upped their price target on Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Bank of America boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $334.89.

Cadence Design Systems Stock Up 1.8 %

Shares of Cadence Design Systems stock traded up $5.64 on Friday, hitting $321.11. 1,126,305 shares of the company traded hands, compared to its average volume of 1,434,027. The company has a 50-day moving average price of $298.01 and a 200 day moving average price of $295.18. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99. The company has a market cap of $87.48 billion, a PE ratio of 83.62, a PEG ratio of 3.86 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the company posted $1.02 EPS. Cadence Design Systems’s revenue was down 1.2% on a year-over-year basis. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Insider Activity

In other news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the transaction, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock worth $14,978,483 in the last ninety days. Corporate insiders own 0.62% of the company’s stock.

About Cadence Design Systems

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.