Profund Advisors LLC Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Profund Advisors LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.3% in the second quarter, HoldingsChannel reports. The firm owned 25,405 shares of the software maker’s stock after buying an additional 75 shares during the period. Profund Advisors LLC’s holdings in Cadence Design Systems were worth $7,818,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Ulland Investment Advisors LLC purchased a new stake in Cadence Design Systems in the first quarter valued at about $25,000. RiverPark Advisors LLC purchased a new stake in Cadence Design Systems in the first quarter valued at about $26,000. ORG Partners LLC raised its stake in 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 buying an additional 82 shares during the last quarter. Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems in the first quarter valued at about $32,000. Finally, Hollencrest Capital Management raised its stake in Cadence Design Systems by 637.5% in the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after buying an additional 102 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 2.4 %

Cadence Design Systems stock opened at $273.76 on Friday. The firm has a market cap of $74.58 billion, a price-to-earnings ratio of 71.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $227.05 and a 52 week high of $328.99. The business’s 50-day moving average price is $269.55 and its 200 day moving average price is $290.36. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the company earned $0.94 earnings per share. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on CDNS. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, August 6th. 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. Robert W. Baird reduced their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Finally, Needham & Company LLC restated a “buy” rating and issued 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

Insider Buying and Selling at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of the business’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 completion of the sale, the senior vice president now directly owns 19,280 shares in the company, valued at $5,933,420. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total value 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 approximately $5,933,420. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,272 shares of company stock valued at $10,833,362. Company insiders own 1.99% of the company’s stock.

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.