Heartland Bank & Trust Co Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Heartland Bank & Trust Co acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,590 shares of the software maker’s stock, valued at approximately $489,000.

Other large investors also recently added to or reduced their stakes in the company. Capital Market Strategies LLC lifted its position 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 during the last quarter. Inspire Advisors LLC raised its holdings in Cadence Design Systems by 1.8% during the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock valued at $694,000 after buying an additional 40 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its position in Cadence Design Systems by 4.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after buying an additional 41 shares during the period. First Affirmative Financial Network grew its holdings in 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 worth $412,000 after acquiring an additional 46 shares during the last quarter. Finally, Gilbert & Cook Inc. increased its position in shares of Cadence Design Systems by 1.3% in the first quarter. Gilbert & Cook Inc. now owns 3,666 shares of the software maker’s stock valued at $1,141,000 after acquiring an additional 47 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction 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 SEC, which is available at this link. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the transaction, the vice president now owns 65,194 shares in the company, valued at approximately $17,357,250.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on 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 of the company’s stock, valued at $14,643,548.07. The disclosure for this sale can be found here. Insiders sold 27,672 shares of company stock worth $7,590,312 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Down 1.1 %

Shares of Cadence Design Systems stock opened at $271.03 on Tuesday. Cadence Design Systems, Inc. has a 1 year low of $227.77 and a 1 year high of $328.99. The firm has a market cap of $73.83 billion, a price-to-earnings ratio of 70.58, a PEG ratio of 3.30 and a beta of 1.02. The company has a 50-day moving average of $267.11 and a 200 day moving average of $288.67. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32.

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 firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the business earned $0.94 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on CDNS shares. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. KeyCorp boosted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $323.60.

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.