Csenge Advisory Group Acquires 116 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Csenge Advisory Group boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 3,137 shares of the software maker’s stock after buying an additional 116 shares during the quarter. Csenge Advisory Group’s holdings in Cadence Design Systems were worth $976,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Ulland Investment Advisors LLC bought a new position in shares of Cadence Design Systems during the 1st quarter valued at approximately $25,000. Valley National Advisers Inc. raised its stake in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the period. RiverPark Advisors LLC purchased a new position in Cadence Design Systems during the first quarter valued at $26,000. Fortitude Family Office LLC bought a new stake in Cadence Design Systems in the 4th quarter valued at $28,000. Finally, Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems in the 1st quarter worth $32,000. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of several research reports. Piper Sandler reaffirmed a “neutral” rating and issued a $318.00 target price on shares of Cadence Design Systems in a report on Wednesday. Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, May 17th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Finally, Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $334.89.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $314.07 on Friday. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The company has a market capitalization of $85.56 billion, a PE ratio of 81.79, a price-to-earnings-growth ratio of 3.91 and a beta of 1.03. The stock’s fifty day moving average is $301.16 and its two-hundred day moving average is $296.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the company earned $1.02 EPS. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now owns 67,144 shares in the company, valued at $18,488,771.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the sale, the vice president now owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Insiders have sold 50,134 shares of company stock worth $14,978,483 in the last ninety days. 1.99% of the stock is owned by company insiders.

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.