Exchange Traded Concepts LLC Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Exchange Traded Concepts LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 16.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 67,806 shares of the software maker’s stock after purchasing an additional 9,736 shares during the period. Exchange Traded Concepts LLC’s holdings in Cadence Design Systems were worth $18,377,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. RiverPark Advisors LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter valued at about $26,000. ORG Partners LLC boosted its position in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares in the last quarter. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth approximately $32,000. Hollencrest Capital Management increased its holdings in Cadence Design Systems by 637.5% in the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after buying an additional 102 shares in the last quarter. Finally, Rise Advisors LLC acquired a new stake in Cadence Design Systems in the first quarter valued at approximately $45,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated 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 directly owns 46,551 shares in the company, valued at approximately $14,643,548.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now owns 46,551 shares in the company, valued at $14,643,548.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,347 shares of company stock valued at $7,774,637. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $282.39 on Friday. The firm has a 50-day moving average price of $268.79 and a 200 day moving average price of $286.20. 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 capitalization of $76.93 billion, a PE ratio of 73.54, a price-to-earnings-growth ratio of 3.37 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $228.66 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.06 billion during the quarter, compared to analyst estimates 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 was up 8.6% on a year-over-year basis. During the same period last year, the company earned $0.94 earnings per share. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the topic of a number of research analyst reports. 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 note on Tuesday, July 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, October 7th. 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. Oppenheimer began coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Finally, KeyCorp boosted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $323.60.

Get Our Latest Stock Analysis on Cadence Design Systems

About Cadence Design Systems

(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.

Further Reading

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

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