Teamwork Financial Advisors LLC Acquires 10,037 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Teamwork Financial Advisors LLC raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 40.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,151 shares of the software maker’s stock after acquiring an additional 10,037 shares during the quarter. Cadence Design Systems makes up approximately 1.7% of Teamwork Financial Advisors LLC’s holdings, making the stock its 18th largest position. Teamwork Financial Advisors LLC’s holdings in Cadence Design Systems were worth $10,942,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Pinebridge Investments L.P. boosted its position in shares of 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 worth $5,258,000 after purchasing an additional 5,269 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of 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 in the last quarter. USA Financial Formulas raised its holdings 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 worth $2,430,000 after acquiring an additional 7,066 shares during the last quarter. Miracle Mile Advisors LLC purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $934,000. Finally, Dai ichi Life Insurance Company Ltd raised its holdings in Cadence Design Systems by 10.8% in the 4th quarter. Dai ichi Life Insurance Company Ltd now owns 65,971 shares of the software maker’s stock worth $17,969,000 after acquiring an additional 6,422 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, the senior vice president now directly 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. In the last quarter, insiders sold 50,134 shares of company stock valued at $14,978,483. Company insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. 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 stock has an average rating of “Moderate Buy” and an average target price of $334.89.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded down $1.31 during midday trading on Thursday, hitting $315.47. The company had a trading volume of 673,152 shares, compared to its average volume of 1,556,732. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The company has a market cap of $85.94 billion, a price-to-earnings ratio of 82.15, a PEG ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99. The company has a fifty day moving average of $296.47 and a two-hundred day moving average of $294.71.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion during 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%. Cadence Design Systems’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 EPS. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

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.