Evergreen Capital Management LLC Purchases 165 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Evergreen Capital Management LLC lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,739 shares of the software maker’s stock after buying an additional 165 shares during the period. Evergreen Capital Management LLC’s holdings in Cadence Design Systems were worth $843,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CDNS. Gilbert & Cook Inc. increased its position in shares of Cadence Design Systems by 8.3% in the 4th quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock valued at $986,000 after buying an additional 278 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Cadence Design Systems by 68.3% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 25,902 shares of the software maker’s stock worth $7,055,000 after purchasing an additional 10,516 shares in the last quarter. SageView Advisory Group LLC bought a new position in Cadence Design Systems during the 4th quarter worth about $360,000. Congress Wealth Management LLC DE increased its holdings in Cadence Design Systems by 99.7% during the 4th quarter. Congress Wealth Management LLC DE now owns 3,135 shares of the software maker’s stock worth $854,000 after purchasing an additional 1,565 shares in the last quarter. Finally, Hilltop Holdings Inc. increased its holdings in Cadence Design Systems by 40.9% during the 4th quarter. Hilltop Holdings Inc. now owns 3,178 shares of the software maker’s stock worth $866,000 after purchasing an additional 922 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Robert W. Baird lowered their target price 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. Bank of America increased 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 shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $334.56.

Cadence Design Systems Trading Down 0.3 %

Shares of NASDAQ:CDNS opened at $273.32 on Wednesday. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99. The company has a market capitalization of $74.46 billion, a P/E ratio of 71.18, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. The company has a 50-day simple moving average of $267.95 and a 200 day simple moving average of $289.65. 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 (NASDAQ:CDNS) last issued 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 during the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the business posted $0.94 EPS. Cadence Design Systems’s revenue was up 8.6% on a year-over-year basis. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated 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 sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated 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 sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,272 shares of company stock worth $10,833,362. Insiders own 1.99% of the company’s stock.

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.