Rathbones Group PLC Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Rathbones Group PLC boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.1% during the second quarter, Holdings Channel.com reports. The institutional investor owned 253,162 shares of the software maker’s stock after buying an additional 33,177 shares during the period. Rathbones Group PLC’s holdings in Cadence Design Systems were worth $77,911,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Ulland Investment Advisors LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at $25,000. RiverPark Advisors LLC acquired a new position in Cadence Design Systems during the 1st quarter worth $26,000. ORG Partners LLC increased its holdings in Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new stake in Cadence Design Systems in the 1st quarter valued at about $32,000. Finally, Hollencrest Capital Management boosted its stake in shares of Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after buying an additional 102 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $268.72 on Friday. The stock’s 50-day moving average price is $273.76 and its 200 day moving average price is $291.57. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $73.58 billion, a PE ratio of 69.98, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.04 billion. During the same quarter in the previous year, the company posted $0.94 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,113 shares of company stock worth $10,237,521. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of recent research reports. KeyCorp upped their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Robert W. Baird dropped their price objective on shares of 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. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Bank of America boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Two equities research 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 company currently has an average rating of “Moderate Buy” and a consensus target price of $334.56.

About Cadence Design Systems

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.