Daymark Wealth Partners LLC Invests $266,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Daymark Wealth Partners LLC bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 864 shares of the software maker’s stock, valued at approximately $266,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Gilbert & Cook Inc. lifted its stake in shares of Cadence Design Systems by 8.3% in the fourth quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock valued at $986,000 after buying an additional 278 shares during the period. Stifel Financial Corp grew its holdings in shares of Cadence Design Systems by 17.9% during the 4th quarter. Stifel Financial Corp now owns 80,306 shares of the software maker’s stock worth $21,873,000 after purchasing an additional 12,194 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of Cadence Design Systems by 0.9% in the fourth quarter. California State Teachers Retirement System now owns 434,760 shares of the software maker’s stock valued at $118,416,000 after purchasing an additional 3,873 shares in the last quarter. APG Asset Management US Inc. bought a new position in Cadence Design Systems in the fourth quarter worth $14,837,000. Finally, Campbell & CO Investment Adviser LLC boosted its stake in Cadence Design Systems by 56.6% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 4,096 shares of the software maker’s stock worth $1,116,000 after buying an additional 1,481 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Oppenheimer began coverage on shares of Cadence Design Systems in a report on Wednesday. They set an “underperform” rating and a $225.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Robert W. Baird lowered their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $323.60.

Cadence Design Systems Stock Down 0.0 %

Shares of NASDAQ:CDNS opened at $274.13 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The firm 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 12 month low of $227.77 and a 12 month high of $328.99. The company’s 50-day moving average price is $267.43 and its two-hundred day moving average price is $289.04.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the firm earned $0.94 earnings per share. Cadence Design Systems’s revenue was up 8.6% compared to the same quarter last year. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Insider Activity

In related news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems 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 completion of the sale, the senior vice president now directly owns 19,280 shares in the company, valued at $5,933,420. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the transaction, the senior vice president now owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The disclosure for this sale can be found here. Insiders have sold 38,272 shares of company stock valued at $10,833,362 over the last 90 days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Company 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.