Raymond James Trust N.A. Increases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Raymond James Trust N.A. lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,800 shares of the software maker’s stock after purchasing an additional 290 shares during the quarter. Raymond James Trust N.A.’s holdings in Cadence Design Systems were worth $1,477,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Ulland Investment Advisors LLC purchased a new position in shares of Cadence Design Systems in the first quarter worth about $25,000. RiverPark Advisors LLC acquired a new stake in Cadence Design Systems during the first quarter worth about $26,000. ORG Partners LLC grew its holdings in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new stake in Cadence Design Systems during the first quarter worth about $32,000. Finally, Union Savings Bank acquired a new stake in Cadence Design Systems during the fourth quarter worth about $33,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems 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 transaction, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The sale was disclosed in a document filed with the SEC, which is accessible 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 Friday, June 14th. The stock was sold at an average price of $309.09, for a total transaction of $463,635.00. Following the transaction, the director now owns 48,051 shares in the company, valued at $14,852,083.59. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. Insiders have sold 60,397 shares of company stock valued at $17,805,844 over the last ninety days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

CDNS traded down $1.68 during trading on Friday, hitting $273.90. The company’s stock had a trading volume of 1,153,360 shares, compared to its average volume of 1,711,494. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The business’s fifty day simple moving average is $290.02 and its 200 day simple moving average is $295.52. The firm has a market capitalization of $74.62 billion, a price-to-earnings ratio of 71.33, a P/E/G ratio of 3.14 and a beta of 1.03. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99.

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

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Bank of America raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. 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, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus 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.