Savant Capital LLC Purchases 244 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Savant Capital LLC grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 2,663 shares of the software maker’s stock after acquiring an additional 244 shares during the quarter. Savant Capital LLC’s holdings in Cadence Design Systems were worth $820,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CDNS. Empowered Funds LLC grew its stake in shares of Cadence Design Systems by 223.8% in the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after buying an additional 6,346 shares in the last quarter. Norden Group LLC increased its stake in Cadence Design Systems by 1,659.3% during the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after acquiring an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. raised its position in Cadence Design Systems by 37.5% during 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. lifted its stake in shares of Cadence Design Systems by 3.6% in the 4th 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 last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Up 3.5 %

Shares of NASDAQ:CDNS opened at $264.72 on Thursday. The business’s 50 day moving average is $275.72 and its 200 day moving average is $292.03. The stock has a market cap of $72.12 billion, a P/E ratio of 68.94, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) 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 the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 EPS. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Insider Transactions at Cadence Design Systems

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

Analysts Set New Price Targets

CDNS has been the subject of a number of analyst reports. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Piper Sandler raised shares of 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. Robert W. Baird reduced their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Bank of America boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, KeyCorp increased their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

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.