Transcend Capital Advisors LLC Purchases Shares of 976 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Transcend Capital Advisors LLC acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 976 shares of the software maker’s stock, valued at approximately $300,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Cadence Design Systems by 1.8% during 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 buying an additional 437,101 shares in the last quarter. Jennison Associates LLC grew its stake in Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares in the last quarter. Norges Bank purchased a new stake in Cadence Design Systems in the 4th quarter worth $1,141,059,000. Nordea Investment Management AB lifted its stake in Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after purchasing an additional 145,351 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of Cadence Design Systems by 25.4% during the 1st quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock valued at $618,330,000 after purchasing an additional 402,884 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now directly owns 49,551 shares in the company, valued at approximately $14,228,074.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total value of $430,710.00. Following the completion of the sale, the director now directly owns 49,551 shares in the company, valued at approximately $14,228,074.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the company’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 transaction of $172,386.00. Following the transaction, the senior vice president now owns 19,880 shares in the company, valued at approximately $5,711,722.80. The disclosure for this sale can be found here. Insiders sold a total of 48,534 shares of company stock worth $14,546,517 over the last three months. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 4.3 %

Shares of NASDAQ:CDNS traded down $11.18 during trading hours on Friday, hitting $249.63. The company’s stock had a trading volume of 4,742,041 shares, compared to its average volume of 2,325,783. The firm’s fifty day moving average price is $297.63 and its 200 day moving average price is $297.68. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The company has a market capitalization of $68.35 billion, a price-to-earnings ratio of 65.01, a P/E/G ratio of 3.14 and a beta of 1.03. 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 issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during 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%. Cadence Design Systems’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 earnings per share. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.74 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CDNS. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. KeyCorp upped their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Bank of America boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, Piper Sandler reiterated a “neutral” rating and set a $318.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, July 10th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $334.56.

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.