Brick & Kyle Associates Buys Shares of 2,477 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brick & Kyle Associates bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 2,477 shares of the software maker’s stock, valued at approximately $762,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Market Strategies LLC lifted its holdings in Cadence Design Systems by 3.1% during the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after buying an additional 39 shares during the period. Inspire Advisors LLC lifted its stake in shares of Cadence Design Systems by 1.8% during the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after purchasing an additional 40 shares during the last quarter. Wealthcare Advisory Partners LLC lifted its stake in shares of Cadence Design Systems by 4.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after purchasing an additional 41 shares during the last quarter. First Affirmative Financial Network boosted its position in Cadence Design Systems by 3.6% during the first quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after purchasing an additional 46 shares in the last quarter. Finally, Gilbert & Cook Inc. grew its stake in Cadence Design Systems by 1.3% in the first quarter. Gilbert & Cook Inc. now owns 3,666 shares of the software maker’s stock valued at $1,141,000 after purchasing an additional 47 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $274.13 on Friday. 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 stock has a 50-day moving average of $267.43 and a two-hundred day moving average of $289.20. The stock has a market cap of $74.68 billion, a P/E ratio of 71.39, a P/E/G ratio of 3.30 and a beta of 1.02. Cadence Design Systems, Inc. has a one year low of $227.77 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion during 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 company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $0.94 earnings per share. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the transaction, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the sale, the senior vice president now owns 19,280 shares in the company, valued at $5,933,420. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on 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 $10,278,485.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,272 shares of company stock worth $10,833,362. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on CDNS shares. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. KeyCorp upped their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Finally, Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday. They set an “underperform” rating and a $225.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $323.60.

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.