Cwm LLC Acquires 585 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cwm LLC grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 7,257 shares of the software maker’s stock after buying an additional 585 shares during the period. Cwm LLC’s holdings in Cadence Design Systems were worth $2,259,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CDNS. Valley National Advisers Inc. raised its holdings in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new position in Cadence Design Systems in the fourth quarter worth about $28,000. Union Savings Bank purchased a new position in Cadence Design Systems in the fourth quarter worth about $33,000. Rakuten Securities Inc. purchased a new position in Cadence Design Systems in the fourth quarter worth about $45,000. Finally, DSM Capital Partners LLC purchased a new position in Cadence Design Systems in the fourth quarter worth about $69,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $326.50 on Thursday. The firm has a 50 day moving average of $292.41 and a 200 day moving average of $291.48. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $88.95 billion, a price-to-earnings ratio of 85.03, a price-to-earnings-growth ratio of 4.00 and a beta of 1.04. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.02 earnings per share. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the transaction, the director now directly owns 48,051 shares in the company, valued at $14,852,083.59. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the transaction, the director now directly owns 48,051 shares in the company, valued at $14,852,083.59. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The disclosure for this sale can be found here. Insiders sold a total of 62,834 shares of company stock worth $18,989,549 over the last three months. 1.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on CDNS shares. KeyCorp boosted their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Piper Sandler decreased their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. Finally, Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $331.11.

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.