Retireful LLC Acquires New Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Retireful LLC bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 3,224 shares of the software maker’s stock, valued at approximately $992,000.

Other large investors have also recently bought and sold shares of the company. Empowered Funds LLC boosted its holdings in shares of Cadence Design Systems by 223.8% in the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after purchasing an additional 6,346 shares in the last quarter. Norden Group LLC boosted its stake in shares of 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 purchasing an additional 12,544 shares in the last quarter. Pinebridge Investments L.P. grew its holdings in shares of Cadence Design Systems by 37.5% during the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after purchasing an additional 5,269 shares during the last quarter. Nomura Asset Management Co. Ltd. raised 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 worth $30,435,000 after purchasing an additional 3,899 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake 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 purchasing an additional 468,195 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Up 1.2 %

Shares of Cadence Design Systems stock traded up $3.30 during midday trading on Friday, hitting $268.93. The company had a trading volume of 2,021,784 shares, compared to its average volume of 2,129,199. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock has a market capitalization of $73.64 billion, a P/E ratio of 70.03, a P/E/G ratio of 3.24 and a beta of 1.03. The company has a 50 day moving average of $284.47 and a 200 day moving average of $294.25.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 earnings per share. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $287.31, for a total transaction of $172,386.00. Following the completion of the sale, the senior vice president now directly owns 19,880 shares in the company, valued at approximately $5,711,722.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $287.31, for a total value of $172,386.00. Following the transaction, the senior vice president now owns 19,880 shares of the company’s stock, valued at $5,711,722.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 70,397 shares of company stock worth $20,464,944. 1.99% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. KeyCorp raised their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Robert W. Baird reduced their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Finally, Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

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.