Brown Brothers Harriman & Co. Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brown Brothers Harriman & Co. grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 72.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,856 shares of the software maker’s stock after purchasing an additional 1,200 shares during the period. Brown Brothers Harriman & Co.’s holdings in Cadence Design Systems were worth $879,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Rathbones Group PLC lifted its stake in Cadence Design Systems by 15.1% during the second quarter. Rathbones Group PLC now owns 253,162 shares of the software maker’s stock worth $77,911,000 after purchasing an additional 33,177 shares during the last quarter. Plato Investment Management Ltd lifted its stake in shares of Cadence Design Systems by 0.7% in the 2nd quarter. Plato Investment Management Ltd now owns 7,594 shares of the software maker’s stock valued at $2,337,000 after acquiring an additional 54 shares during the last quarter. Lyell Wealth Management LP lifted its stake in shares of Cadence Design Systems by 7.5% in the 2nd quarter. Lyell Wealth Management LP now owns 42,098 shares of the software maker’s stock valued at $12,956,000 after acquiring an additional 2,948 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Cadence Design Systems by 8.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 629,440 shares of the software maker’s stock valued at $193,710,000 after acquiring an additional 49,399 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its position in Cadence Design Systems by 17.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 25,988 shares of the software maker’s stock valued at $7,998,000 after purchasing an additional 3,824 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on CDNS. KeyCorp upped their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Robert W. Baird reduced their target price 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. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Bank of America upped their price target on 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 analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $274.79 on Wednesday. Cadence Design Systems, Inc. has a 1-year low of $227.05 and a 1-year high of $328.99. The business’s fifty day moving average price is $272.06 and its 200-day moving average price is $291.01. The stock has a market capitalization of $74.86 billion, a price-to-earnings ratio of 71.56, a PEG ratio of 3.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping 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 company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the firm earned $0.94 EPS. Cadence Design Systems’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities analysts predict 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 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 completion of the sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the transaction, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 10,000 shares of the firm’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 transaction, the chief financial officer now 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. In the last three months, insiders have sold 36,113 shares of company stock valued at $10,237,521. 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.