Commerzbank Aktiengesellschaft FI Buys 75 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Commerzbank Aktiengesellschaft FI increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,828 shares of the software maker’s stock after acquiring an additional 75 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Cadence Design Systems were worth $563,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Empowered Funds LLC boosted its position in shares of Cadence Design Systems by 223.8% during the first quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after acquiring an additional 6,346 shares during the last quarter. Norden Group LLC boosted its holdings in shares of 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 valued at $4,140,000 after acquiring an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. lifted its stake in shares of 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 valued at $5,258,000 after purchasing an additional 5,269 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in shares of Cadence Design Systems by 3.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock worth $30,435,000 after buying an additional 3,899 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after buying an additional 468,195 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CDNS. KeyCorp raised their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Robert W. Baird dropped their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Finally, Bank of America upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Stock Performance

Shares of CDNS traded up $2.89 during mid-day trading on Wednesday, reaching $284.26. The company’s stock had a trading volume of 806,773 shares, compared to its average volume of 1,715,705. The stock has a market cap of $77.44 billion, a P/E ratio of 73.27, a PEG ratio of 3.14 and a beta of 1.03. 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, Inc. has a 1-year low of $224.75 and a 1-year high of $328.99. The business has a 50-day simple moving average of $291.96 and a two-hundred day simple moving average of $295.91.

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

Insider Buying and Selling at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $287.31, for a total transaction of $172,386.00. Following the completion of the sale, the senior vice president now directly owns 19,880 shares in the company, valued at $5,711,722.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the sale, the director now owns 45,051 shares in the company, valued at $12,444,888.24. The disclosure for this sale can be found here. Insiders have sold 60,397 shares of company stock valued at $17,805,844 in the last 90 days. 1.99% of the stock is currently owned by company 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.