Manchester Capital Management LLC Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Manchester Capital Management LLC boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3,475.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,323 shares of the software maker’s stock after buying an additional 1,286 shares during the quarter. Manchester Capital Management LLC’s holdings in Cadence Design Systems were worth $412,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Ulland Investment Advisors LLC bought a new position in shares of Cadence Design Systems during the 1st quarter worth $25,000. Valley National Advisers Inc. grew its stake in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares during the period. RiverPark Advisors LLC bought a new position in shares of Cadence Design Systems during the 1st quarter worth $26,000. Fortitude Family Office LLC bought a new position in shares of Cadence Design Systems during the 4th quarter worth $28,000. Finally, Annapolis Financial Services LLC bought a new position in shares of Cadence Design Systems during the 1st quarter worth $32,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the sale, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the transaction, the senior vice president now owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. Insiders have sold 50,134 shares of company stock worth $14,978,483 over the last ninety days. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Trading Up 0.8 %

Shares of CDNS stock traded up $2.52 during trading hours on Friday, reaching $316.59. The company’s stock had a trading volume of 172,460 shares, compared to its average volume of 1,524,779. The stock has a market capitalization of $86.25 billion, a P/E ratio of 81.79, a P/E/G ratio of 3.91 and a beta of 1.03. Cadence Design Systems, Inc. has a one year low of $217.77 and a one year high of $328.99. The firm’s fifty day simple moving average is $301.16 and its 200 day simple moving average is $296.36. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period last year, the company earned $1.02 EPS. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CDNS. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, May 17th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Bank of America raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Piper Sandler reaffirmed a “neutral” rating and issued a $318.00 price target on shares of Cadence Design Systems in a report on Wednesday. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average 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.