Benjamin F. Edwards & Company Inc. Buys 3,382 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Benjamin F. Edwards & Company Inc. grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 26.3% during the second quarter, Holdings Channel.com reports. The institutional investor owned 16,226 shares of the software maker’s stock after acquiring an additional 3,382 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Cadence Design Systems were worth $4,993,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Cadence Design Systems by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after acquiring an additional 437,101 shares during the last quarter. Jennison Associates LLC raised its holdings in Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares during the period. Van ECK Associates Corp boosted its position in shares of Cadence Design Systems by 10.5% during the second quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after purchasing an additional 209,301 shares in the last quarter. Nordea Investment Management AB grew its holdings in shares of Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after buying an additional 145,351 shares during the period. Finally, Swedbank AB increased its position in shares of Cadence Design Systems by 7.8% in the 2nd quarter. Swedbank AB now owns 1,523,142 shares of the software maker’s stock valued at $468,747,000 after buying an additional 109,662 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $273.76 on Friday. Cadence Design Systems, Inc. has a 12-month low of $227.05 and a 12-month high of $328.99. The firm’s 50 day moving average is $269.55 and its 200-day moving average is $290.48. The company has a market capitalization of $74.58 billion, a PE ratio of 71.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. 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 issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping 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 firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the firm posted $0.94 EPS. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CDNS shares. Bank of America lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, August 6th. KeyCorp lifted 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. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the sale, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at $5,933,420. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,272 shares of company stock valued at $10,833,362. 1.99% of the stock is owned by corporate insiders.

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.