Hantz Financial Services Inc. Acquires New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Hantz Financial Services Inc. purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 5,504 shares of the software maker’s stock, valued at approximately $1,694,000.

A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $1,141,059,000. Swedbank AB acquired a new stake in Cadence Design Systems during the 1st quarter worth about $439,988,000. Principal Financial Group Inc. raised its position in shares of Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after acquiring an additional 1,119,824 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of 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 valued at $396,470,000 after purchasing an additional 468,195 shares during the period. Finally, Jennison Associates LLC boosted 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 valued at $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred 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 approximately $5,711,722.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $287.31, for a total value of $172,386.00. Following the sale, the senior vice president now directly owns 19,880 shares in the company, valued at $5,711,722.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 70,397 shares of company stock valued at $20,464,944. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 1.2 %

Shares of CDNS stock opened at $268.93 on Friday. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99. The company has a 50-day simple moving average of $284.47 and a two-hundred day simple moving average of $294.25. The company has a market capitalization of $73.26 billion, a price-to-earnings ratio of 70.03, a PEG ratio of 3.14 and a beta of 1.03. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share 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 business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.74 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CDNS. Bank of America lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. KeyCorp upped 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. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Robert W. Baird cut their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Finally, Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average 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.