Covestor Ltd Raises Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Covestor Ltd grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 66.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 568 shares of the software maker’s stock after purchasing an additional 226 shares during the quarter. Covestor Ltd’s holdings in Cadence Design Systems were worth $177,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Ulland Investment Advisors LLC bought a new stake in Cadence Design Systems during the first quarter valued at approximately $25,000. Valley National Advisers Inc. grew its stake in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares during the last quarter. RiverPark Advisors LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter valued at about $26,000. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $28,000. Finally, Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems during the 1st quarter valued at $32,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the sale, the vice president now owns 67,144 shares in the company, valued at approximately $18,488,771.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, 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. Insiders have sold 50,134 shares of company stock worth $14,987,093 in the last ninety days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Trading Down 1.3 %

CDNS traded down $3.68 during trading on Tuesday, reaching $283.40. The company had a trading volume of 1,898,538 shares, compared to its average volume of 1,582,437. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The stock has a market cap of $77.20 billion, a P/E ratio of 74.66, a PEG ratio of 3.43 and a beta of 1.03. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The business has a 50 day simple moving average of $302.87 and a 200-day simple moving average of $298.12.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 earnings per share. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CDNS shares. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Piper Sandler reiterated a “neutral” rating and issued a $318.00 target price on shares of Cadence Design Systems in a research note on Wednesday, July 10th. KeyCorp increased their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Bank of America boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, Robert W. Baird dropped their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $334.56.

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.