Dorsey & Whitney Trust CO LLC Has $334,000 Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dorsey & Whitney Trust CO LLC trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,085 shares of the software maker’s stock after selling 148 shares during the period. Dorsey & Whitney Trust CO LLC’s holdings in Cadence Design Systems were worth $334,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in CDNS. Fiduciary Trust Co grew its stake in Cadence Design Systems by 0.6% during the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after buying an additional 39 shares in the last quarter. Capital Market Strategies LLC raised its position in Cadence Design Systems by 3.1% during the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after purchasing an additional 39 shares in the last quarter. Inspire Advisors LLC lifted its stake in Cadence Design Systems by 1.8% during the first quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after purchasing an additional 40 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in shares of Cadence Design Systems by 4.5% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after purchasing an additional 41 shares in the last quarter. Finally, First Affirmative Financial Network increased its stake in shares of Cadence Design Systems by 3.6% in the 1st quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after purchasing an additional 46 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CDNS. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research note on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. KeyCorp increased their price objective 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. Robert W. Baird decreased their target price 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, July 23rd. Finally, Bank of America increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $334.56.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction 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 sale, 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 hyperlink. In related news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the transaction, the senior vice president now owns 19,280 shares in the company, valued at approximately $5,933,420. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’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 completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The disclosure for this sale can be found here. Insiders sold a total of 36,113 shares of company stock worth $10,237,521 over the last three months. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Up 2.0 %

Shares of CDNS opened at $269.90 on Friday. The company has a market capitalization of $73.53 billion, a PE ratio of 70.29, a PEG ratio of 2.98 and a beta of 1.02. The stock’s 50-day moving average price is $274.81 and its two-hundred day moving average price is $291.88. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 12 month low of $227.05 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the business posted $0.94 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. On average, analysts anticipate that Cadence Design Systems, Inc. will post 4.73 EPS for the current 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.