Envestnet Portfolio Solutions Inc. Acquires 5,304 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Envestnet Portfolio Solutions Inc. increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,154 shares of the software maker’s stock after acquiring an additional 5,304 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Cadence Design Systems were worth $9,075,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of CDNS. Norden Group LLC boosted its position in Cadence Design Systems by 1,659.3% in the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after buying an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. boosted its position in Cadence Design Systems by 37.5% in the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after buying an additional 5,269 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Cadence Design Systems by 3.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after buying an additional 3,899 shares during the last quarter. USA Financial Formulas boosted its position in Cadence Design Systems by 380.7% in the 4th quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock valued at $2,430,000 after buying an additional 7,066 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after buying an additional 468,195 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Insiders have sold 50,134 shares of company stock valued at $14,978,483 in the last 90 days. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Trading Up 0.5 %

Cadence Design Systems stock traded up $1.60 during mid-day trading on Friday, hitting $315.67. 1,098,296 shares of the company’s stock were exchanged, compared to its average volume of 1,531,741. The firm has a market capitalization of $85.99 billion, a P/E ratio of 82.21, a PEG ratio of 3.91 and a beta of 1.03. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The company’s 50 day simple moving average is $301.16 and its 200-day simple moving average is $296.36.

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CDNS shares. Piper Sandler restated a “neutral” rating and issued a $318.00 price target on shares of Cadence Design Systems in a research report on Wednesday. KeyCorp raised their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, May 17th. Robert W. Baird raised their price target on Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 2nd. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.89.

Cadence Design Systems Company Profile

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.