Cambridge Investment Research Advisors Inc. Buys 6,844 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cambridge Investment Research Advisors Inc. lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 26.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,396 shares of the software maker’s stock after acquiring an additional 6,844 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Cadence Design Systems were worth $9,970,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Ulland Investment Advisors LLC purchased a new position in Cadence Design Systems in the first quarter worth about $25,000. RiverPark Advisors LLC bought a new stake in Cadence Design Systems during the first quarter valued at approximately $26,000. ORG Partners LLC raised its position in Cadence Design Systems by 911.1% in 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 purchased a new stake in shares of Cadence Design Systems in the 1st quarter worth $32,000. Finally, Union Savings Bank bought a new position in Cadence Design Systems in the 4th quarter worth $33,000. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction 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 completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00. Following the sale, the vice president now owns 66,494 shares of the company’s stock, valued at approximately $19,615,730. The disclosure for this sale can be found here. Insiders have sold 60,397 shares of company stock worth $17,805,844 over the last quarter. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. KeyCorp increased 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. Finally, Robert W. Baird lowered their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $0.68 on Tuesday, reaching $268.93. The company’s stock had a trading volume of 1,817,951 shares, compared to its average volume of 1,713,577. The company has a 50-day simple moving average of $288.94 and a 200 day simple moving average of $295.24. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The company has a market cap of $73.26 billion, a P/E ratio of 69.86, a PEG ratio of 3.14 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued 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. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 earnings per share. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.74 EPS for the current fiscal year.

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.