Belpointe Asset Management LLC Increases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Belpointe Asset Management LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.9% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 3,142 shares of the software maker’s stock after acquiring an additional 88 shares during the period. Belpointe Asset Management LLC’s holdings in Cadence Design Systems were worth $967,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ulland Investment Advisors LLC purchased a new position 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 in the 1st quarter worth $26,000. ORG Partners LLC boosted its position in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares during the last quarter. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems during the first quarter valued at about $32,000. Finally, Hollencrest Capital Management increased its position in shares of Cadence Design Systems by 637.5% during the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after acquiring an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CDNS. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. Bank of America raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Robert W. Baird cut their price target 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. KeyCorp raised their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Trading Down 1.3 %

Cadence Design Systems stock opened at $250.85 on Friday. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The firm’s 50-day moving average is $280.32 and its 200-day moving average is $293.20. 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 $68.34 billion, a P/E ratio of 65.33, a PEG ratio of 3.24 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.94 earnings per share. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now directly owns 46,551 shares in the company, valued at approximately $14,643,548.07. The disclosure for this sale can be found here. Insiders sold a total of 38,263 shares of company stock worth $10,892,906 in the last three months. 1.99% of the stock is owned by 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.