ASB Consultores LLC Has $547,000 Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

ASB Consultores LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 74.8% in the second quarter, HoldingsChannel.com reports. The fund owned 1,778 shares of the software maker’s stock after purchasing an additional 761 shares during the quarter. ASB Consultores LLC’s holdings in Cadence Design Systems were worth $547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of CDNS. Ulland Investment Advisors LLC bought a new stake in Cadence Design Systems in the 1st quarter valued at $25,000. RiverPark Advisors LLC bought a new stake in shares of Cadence Design Systems during the 1st quarter worth about $26,000. ORG Partners LLC grew its position in shares of Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Annapolis Financial Services LLC bought a new position in Cadence Design Systems during the 1st quarter worth $32,000. Finally, Union Savings Bank acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $33,000. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CDNS shares. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Robert W. Baird decreased 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 research report on Tuesday, July 23rd. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research report on Tuesday, August 6th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Finally, KeyCorp raised their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

Cadence Design Systems Price Performance

CDNS stock opened at $280.35 on Friday. The stock has a market cap of $76.37 billion, a price-to-earnings ratio of 73.01, a P/E/G ratio of 3.19 and a beta of 1.02. 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 company has a 50 day simple moving average of $270.39 and a 200 day simple moving average of $290.78. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced 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 net margin of 25.36% and a return on equity of 29.54%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the business earned $0.94 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the transaction, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the transaction, the senior vice president now directly owns 19,280 shares in the company, valued at $5,933,420. The disclosure for this sale can be found here. Insiders have sold a total of 38,272 shares of company stock valued at $10,833,362 over the last 90 days. 1.99% of the stock is owned by insiders.

About Cadence Design Systems

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.