HWG Holdings LP Purchases Shares of 27,107 Cadence Design Systems, Inc. (NASDAQ:CDNS)

HWG Holdings LP acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the second quarter, according to its most recent filing with the SEC. The firm acquired 27,107 shares of the software maker’s stock, valued at approximately $8,342,000. Cadence Design Systems comprises approximately 3.1% of HWG Holdings LP’s holdings, making the stock its 11th biggest holding.

Several other hedge funds have also recently made changes to their positions in CDNS. Vanguard Group Inc. boosted its holdings in Cadence Design Systems by 1.8% in the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after acquiring an additional 437,101 shares in the last quarter. Jennison Associates LLC boosted 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 valued at $2,205,582,000 after acquiring an additional 459,603 shares in the last quarter. Legal & General Group Plc boosted its holdings in Cadence Design Systems by 1.8% in the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after acquiring an additional 43,654 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Cadence Design Systems by 10.5% in the second quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock valued at $675,731,000 after acquiring an additional 209,301 shares in the last quarter. Finally, Nordea Investment Management AB boosted its holdings in shares of Cadence Design Systems by 7.7% during 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 in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented 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. Piper Sandler upgraded 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. KeyCorp boosted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Oppenheimer assumed coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Finally, Robert W. Baird dropped 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 report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $323.60.

Insiders Place Their Bets

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares in the company, valued at approximately $17,357,250.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,672 shares of company stock valued at $7,590,312. 1.99% of the stock is owned by insiders.

Cadence Design Systems Price Performance

CDNS opened at $274.13 on Monday. The stock has a 50-day moving average price of $267.43 and a 200-day moving average price of $288.92. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The firm has a market cap of $74.68 billion, a PE ratio of 71.39, a P/E/G ratio of 3.30 and a beta of 1.02. Cadence Design Systems, Inc. has a 1 year low of $227.77 and a 1 year high of $328.99.

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 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 firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the firm earned $0.94 EPS. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal 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.