Guardian Capital LP Buys 868 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Guardian Capital LP increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 86.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,874 shares of the software maker’s stock after purchasing an additional 868 shares during the quarter. Guardian Capital LP’s holdings in Cadence Design Systems were worth $583,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Ulland Investment Advisors LLC bought a new position in Cadence Design Systems in the first quarter valued at approximately $25,000. Valley National Advisers Inc. boosted its stake in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares during the last quarter. RiverPark Advisors LLC bought a new position in Cadence Design Systems in the first quarter valued at approximately $26,000. Annapolis Financial Services LLC bought a new position in Cadence Design Systems in the first quarter valued at approximately $32,000. Finally, Union Savings Bank bought a new position in Cadence Design Systems in the fourth quarter valued at approximately $33,000. 84.85% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the completion of the transaction, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the completion of the transaction, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,134 shares of company stock worth $14,987,093. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $0.41 during midday trading on Friday, hitting $258.79. The stock had a trading volume of 2,605,433 shares, compared to its average volume of 1,908,584. The company’s 50-day moving average price is $301.12 and its 200-day moving average price is $297.81. The company has a market capitalization of $70.50 billion, a P/E ratio of 67.39, a price-to-earnings-growth ratio of 3.11 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.94 EPS. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 4.74 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CDNS. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Bank of America lifted their price target 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. Piper Sandler reiterated a “neutral” rating and issued a $318.00 price target on shares of Cadence Design Systems in a research note on Wednesday, July 10th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday. Finally, Wells Fargo & Company lifted their price target 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. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.