Envestnet Portfolio Solutions Inc. Purchases 89 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Envestnet Portfolio Solutions Inc. raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 29,243 shares of the software maker’s stock after buying an additional 89 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Cadence Design Systems were worth $9,000,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Cadence Design Systems by 1.8% in 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 acquiring an additional 437,101 shares in the last quarter. Jennison Associates LLC grew its position in shares of Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after buying an additional 459,603 shares during the period. Norges Bank acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $1,141,059,000. Nordea Investment Management AB grew its position in shares of Cadence Design Systems by 7.7% during the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after buying an additional 145,351 shares during the period. Finally, Van ECK Associates Corp grew its position 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 worth $618,330,000 after buying an additional 402,884 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 0.1 %

CDNS traded up $0.37 during trading on Wednesday, reaching $271.78. The company had a trading volume of 1,724,304 shares, compared to its average volume of 1,728,521. 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, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The business’s fifty day moving average price is $293.22 and its 200 day moving average price is $296.22. The company has a market cap of $74.04 billion, a P/E ratio of 70.78, a PEG ratio of 3.14 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. Equities analysts anticipate that Cadence Design Systems, Inc. will post 4.74 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $287.31, for a total value of $172,386.00. Following the sale, the senior vice president now owns 19,880 shares of the company’s stock, valued at $5,711,722.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $287.31, for a total value of $172,386.00. Following the sale, the senior vice president now owns 19,880 shares of the company’s stock, valued at $5,711,722.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares in the company, valued at approximately $17,357,250.56. The disclosure for this sale can be found here. Insiders have sold a total of 47,684 shares of company stock valued at $14,288,863 over the last 90 days. 1.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CDNS. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research 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 stock a “buy” rating in a research report on Thursday, May 30th. Wells Fargo & Company boosted their price objective 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. 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. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.