Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Park Avenue Securities LLC

Park Avenue Securities LLC increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,693 shares of the software maker’s stock after acquiring an additional 1,596 shares during the quarter. Park Avenue Securities LLC’s holdings in Cadence Design Systems were worth $5,753,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Empowered Funds LLC grew its position in Cadence Design Systems by 223.8% in the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after purchasing an additional 6,346 shares during the last quarter. Norden Group LLC grew its position in Cadence Design Systems by 1,659.3% in the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after purchasing an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. grew its position in 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 during the last quarter. Nomura Asset Management Co. Ltd. grew its position in 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 during the last quarter. Finally, BNP Paribas Financial Markets grew its position in Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction that occurred on 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 sale, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the 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 owns 49,551 shares in the company, valued at approximately $14,228,074.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,184 shares of company stock worth $14,719,573. 1.99% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on CDNS shares. 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 report on Tuesday. KeyCorp increased their price objective 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. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Bank of America increased their price objective 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. Finally, Robert W. Baird decreased their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Price Performance

CDNS stock traded down $9.49 on Wednesday, hitting $250.31. 2,483,726 shares of the company’s stock traded hands, compared to its average volume of 1,720,862. Cadence Design Systems, Inc. has a 1-year low of $217.77 and a 1-year high of $328.99. The stock has a market cap of $68.19 billion, a price-to-earnings ratio of 68.05, a P/E/G ratio of 3.14 and a beta of 1.03. The stock has a fifty day moving average of $295.96 and a 200-day moving average of $297.39. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly 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 business 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%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. On average, analysts forecast that Cadence Design Systems, Inc. will post 4.74 EPS for the current fiscal year.

About Cadence Design Systems

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.