MQS Management LLC Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

MQS Management LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 2,914 shares of the software maker’s stock, valued at approximately $897,000. Cadence Design Systems makes up 0.5% of MQS Management LLC’s holdings, making the stock its 13th biggest holding.

Several other large investors also recently made changes to their positions in the stock. Fiduciary Trust Co grew its holdings in shares of Cadence Design Systems by 0.6% in the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after acquiring an additional 39 shares in the last quarter. Capital Market Strategies LLC grew its stake in Cadence Design Systems by 3.1% in 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 increased its position in shares of Cadence Design Systems by 1.8% during the 1st 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 raised its stake in shares of Cadence Design Systems by 4.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after purchasing an additional 41 shares in the last quarter. Finally, First Affirmative Financial Network boosted its holdings 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 buying an additional 46 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 1.9 %

Cadence Design Systems stock opened at $269.69 on Thursday. The firm has a market cap of $73.47 billion, a price-to-earnings ratio of 70.23, a PEG ratio of 3.19 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 debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The firm has a 50 day moving average price of $271.06 and a two-hundred day moving average price of $290.86.

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

Insider Activity

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the sale, the director now owns 46,551 shares in the company, valued at approximately $14,643,548.07. The disclosure for this sale can be found here. Insiders have sold 36,772 shares of company stock valued at $10,419,392 in the last ninety days. 1.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Bank of America boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, KeyCorp boosted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $334.56.

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.