Tidal Investments LLC Acquires 5,145 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Tidal Investments LLC lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 31.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,505 shares of the software maker’s stock after purchasing an additional 5,145 shares during the period. Tidal Investments LLC’s holdings in Cadence Design Systems were worth $6,694,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ulland Investment Advisors LLC bought a new stake in Cadence Design Systems during the 1st quarter worth approximately $25,000. RiverPark Advisors LLC bought a new stake in Cadence Design Systems during the 1st quarter worth approximately $26,000. Valley National Advisers Inc. raised its stake in 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. Annapolis Financial Services LLC bought a new stake in Cadence Design Systems during the 1st quarter worth approximately $32,000. Finally, Hollencrest Capital Management raised its stake in Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after acquiring an additional 102 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. Bank of America raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. KeyCorp raised their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Finally, Piper Sandler reissued a “neutral” rating and issued a $318.00 target price on shares of Cadence Design Systems in a report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to 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 Trading Down 0.8 %

Shares of NASDAQ:CDNS traded down $2.23 on Thursday, hitting $265.43. 668,447 shares of the company’s stock were exchanged, compared to its average volume of 1,642,113. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The stock has a market capitalization of $72.68 billion, a price-to-earnings ratio of 69.70, a price-to-earnings-growth ratio of 3.04 and a beta of 1.03. The business’s 50 day simple moving average is $299.20 and its two-hundred day simple moving average is $297.93. 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 released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the company earned $0.94 earnings per share. Analysts anticipate that Cadence Design Systems, Inc. will post 4.74 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems 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 completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 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. Insiders sold 48,534 shares of company stock worth $14,546,517 over the last three months. 1.99% of the stock is owned by corporate insiders.

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.