RiverPark Advisors LLC Purchases New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 82 shares of the software maker’s stock, valued at approximately $26,000.

Other large investors also recently made changes to their positions in the company. Norden Group LLC lifted its holdings in shares of Cadence Design Systems by 1,659.3% during the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after acquiring an additional 12,544 shares in the last quarter. Pinebridge Investments L.P. raised its position in Cadence Design Systems by 37.5% in the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after purchasing an additional 5,269 shares during the period. Nomura Asset Management Co. Ltd. raised its position in Cadence Design Systems by 3.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after purchasing an additional 3,899 shares during the period. USA Financial Formulas lifted its stake in shares of Cadence Design Systems by 380.7% during the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock worth $2,430,000 after purchasing an additional 7,066 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after buying an additional 468,195 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the topic of several analyst reports. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a research note on Tuesday, July 2nd. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. KeyCorp raised their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Finally, Bank of America boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $334.89.

Get Our Latest Analysis on Cadence Design Systems

Cadence Design Systems Stock Up 0.6 %

NASDAQ CDNS traded up $2.01 during trading hours on Wednesday, reaching $317.27. 198,310 shares of the company traded hands, compared to its average volume of 1,528,475. The stock has a market capitalization of $86.43 billion, a PE ratio of 82.10, a PEG ratio of 3.88 and a beta of 1.03. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The company has a 50 day moving average of $299.50 and a two-hundred day moving average of $296.07.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.02 earnings per share. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the transaction, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares in the company, valued at $5,639,372.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,134 shares of company stock worth $14,978,483. 0.62% of the stock is currently owned by corporate insiders.

Cadence Design Systems Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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