Advisor OS LLC Acquires 499 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Advisor OS LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,744 shares of the software maker’s stock after buying an additional 499 shares during the period. Advisor OS LLC’s holdings in Cadence Design Systems were worth $1,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Cadence Design Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after acquiring an additional 437,101 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares during the last quarter. Norges Bank purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth about $1,141,059,000. Van ECK Associates Corp boosted its stake in Cadence Design Systems by 10.5% during the second quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock valued at $675,731,000 after buying an additional 209,301 shares during the last quarter. Finally, Nordea Investment Management AB grew its holdings in Cadence Design Systems by 7.7% during the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after buying an additional 145,351 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Bank of America boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. KeyCorp upped their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $334.56.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the sale, the vice president now directly owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. The disclosure for this sale can be found here. Insiders have sold 38,263 shares of company stock valued at $10,892,906 in the last 90 days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 1.3 %

Shares of NASDAQ:CDNS opened at $247.52 on Friday. The firm has a market capitalization of $67.43 billion, a PE ratio of 64.46, a price-to-earnings-growth ratio of 3.24 and a beta of 1.03. The business has a 50 day simple moving average of $279.11 and a two-hundred day simple moving average of $292.91. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the business earned $0.94 EPS. Cadence Design Systems’s revenue was up 8.6% compared to the same quarter last year. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Cadence Design Systems 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.