MJP Associates Inc. ADV Purchases 196 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

MJP Associates Inc. ADV boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,446 shares of the software maker’s stock after buying an additional 196 shares during the period. MJP Associates Inc. ADV’s holdings in Cadence Design Systems were worth $753,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. JGP Wealth Management LLC grew its holdings in shares of Cadence Design Systems by 6.1% during the 2nd quarter. JGP Wealth Management LLC now owns 2,490 shares of the software maker’s stock worth $766,000 after purchasing an additional 143 shares during the period. Gateway Investment Advisers LLC boosted its stake in shares of Cadence Design Systems by 0.8% in the second quarter. Gateway Investment Advisers LLC now owns 106,657 shares of the software maker’s stock valued at $32,824,000 after buying an additional 800 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Cadence Design Systems by 88.4% in the second quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock valued at $16,625,000 after buying an additional 25,347 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in Cadence Design Systems during the second quarter worth $77,000. Finally, QRG Capital Management Inc. raised its holdings in shares of Cadence Design Systems by 4.6% in the second quarter. QRG Capital Management Inc. now owns 84,259 shares of the software maker’s stock worth $25,931,000 after acquiring an additional 3,743 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CDNS. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Finally, Robert W. Baird cut 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 research report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $287.31, for a total value 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the transaction, the director now owns 46,551 shares in the company, valued at approximately $14,643,548.07. The disclosure for this sale can be found here. Insiders have sold 49,184 shares of company stock worth $14,719,573 over the last quarter. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 0.5 %

NASDAQ:CDNS traded up $1.45 during trading hours on Friday, hitting $270.13. The company had a trading volume of 1,865,224 shares, compared to its average volume of 1,731,658. The company has a market capitalization of $73.59 billion, a PE ratio of 70.35, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. The stock has a 50-day moving average price of $294.41 and a 200 day moving average price of $296.70. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. 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 posted its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion for 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 quarter in the prior year, the business earned $0.94 EPS. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.74 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.