Summit Financial LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,273 shares of the software maker’s stock, valued at approximately $392,000.
Other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $1,141,059,000. Swedbank AB bought a new stake in shares of Cadence Design Systems during the 1st quarter valued at about $439,988,000. Principal Financial Group Inc. boosted its stake in shares of Cadence Design Systems by 280.1% during the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after purchasing an additional 1,119,824 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after acquiring an additional 459,603 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.
Cadence Design Systems Stock Down 4.7 %
CDNS opened at $256.28 on Wednesday. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The firm has a 50 day moving average price of $282.56 and a 200-day moving average price of $293.78. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99. The stock has a market capitalization of $69.82 billion, a price-to-earnings ratio of 66.74, a PEG ratio of 3.24 and a beta of 1.03.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on the stock. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, August 6th. KeyCorp boosted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. 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. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $334.56.
Get Our Latest Stock Analysis on CDNS
Insider Activity
In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00. Following the completion of the sale, the vice president now directly owns 66,494 shares of the company’s stock, valued at $19,615,730. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’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 transaction 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00. Following the sale, the vice president now directly owns 66,494 shares of the company’s stock, valued at $19,615,730. The disclosure for this sale can be found here. Insiders sold 69,797 shares of company stock valued at $20,292,558 over the last three months. 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.
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