LGT Fund Management Co Ltd. Takes $769,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

LGT Fund Management Co Ltd. bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,500 shares of the software maker’s stock, valued at approximately $769,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Gilbert & Cook Inc. increased its holdings in Cadence Design Systems by 8.3% during the 4th quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock worth $986,000 after purchasing an additional 278 shares in the last quarter. Private Advisor Group LLC raised its position in Cadence Design Systems by 19.2% in the 4th quarter. Private Advisor Group LLC now owns 5,474 shares of the software maker’s stock valued at $1,491,000 after buying an additional 881 shares during the last quarter. AGF Management Ltd. grew its stake in shares of Cadence Design Systems by 39.7% in the 4th quarter. AGF Management Ltd. now owns 10,283 shares of the software maker’s stock worth $2,801,000 after acquiring an additional 2,922 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Cadence Design Systems by 5.4% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 23,850 shares of the software maker’s stock worth $6,496,000 after purchasing an additional 1,215 shares during the last quarter. Finally, Avantax Advisory Services Inc. boosted its stake in shares of Cadence Design Systems by 39.2% in the 4th quarter. Avantax Advisory Services Inc. now owns 2,048 shares of the software maker’s stock worth $558,000 after buying an additional 577 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the transaction, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,613 shares of company stock worth $10,701,156. Insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Robert W. Baird reduced their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a 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 note on Tuesday, August 6th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Finally, KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

Cadence Design Systems Trading Up 1.2 %

Cadence Design Systems stock opened at $255.85 on Wednesday. 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 fifty-two week low of $227.05 and a fifty-two week high of $328.99. The stock has a market cap of $70.06 billion, a P/E ratio of 66.63, a PEG ratio of 2.98 and a beta of 1.02. The firm’s fifty day moving average price is $276.73 and its 200-day moving average price is $292.22.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.06 billion for 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 quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 EPS. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Cadence Design Systems 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.