NewEdge Advisors LLC Has $9.20 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

NewEdge Advisors LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 17.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,885 shares of the software maker’s stock after acquiring an additional 4,434 shares during the period. NewEdge Advisors LLC’s holdings in Cadence Design Systems were worth $9,197,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Capital Market Strategies LLC increased its stake in Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after acquiring an additional 39 shares during the last quarter. Inspire Advisors LLC increased its stake in Cadence Design Systems by 1.8% in the first quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock valued at $694,000 after acquiring an additional 40 shares during the last quarter. Wealthcare Advisory Partners LLC increased its stake in Cadence Design Systems by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after acquiring an additional 41 shares during the last quarter. First Affirmative Financial Network increased its stake in Cadence Design Systems by 3.6% in the first quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after acquiring an additional 46 shares during the last quarter. Finally, Gilbert & Cook Inc. increased 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 acquiring an additional 47 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction 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 transaction, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares of the company’s stock, valued at $17,357,250.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the sale, the director now directly owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The disclosure for this sale can be found here. Insiders have sold a total of 27,672 shares of company stock worth $7,590,312 over the last quarter. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $271.03 on Tuesday. The firm has a market cap of $73.83 billion, a PE ratio of 70.58, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The firm’s fifty day moving average is $267.11 and its 200-day moving average is $288.67. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a 52 week low of $227.77 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly 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. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 earnings per share. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CDNS. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. Robert W. Baird cut their target price on shares of 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. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. KeyCorp raised their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Finally, Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. One investment 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.