Brick & Kyle Associates Takes $762,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brick & Kyle Associates purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,477 shares of the software maker’s stock, valued at approximately $762,000.

A number of other large investors also recently bought and sold shares of CDNS. RiverPark Advisors LLC purchased a new position in Cadence Design Systems during the first quarter valued at $26,000. ORG Partners LLC lifted its stake in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares in the last quarter. Annapolis Financial Services LLC acquired a new stake in Cadence Design Systems in the 1st quarter worth about $32,000. Hollencrest Capital Management increased its stake in Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after buying an additional 102 shares in the last quarter. Finally, Rise Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at approximately $45,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on CDNS. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a report on Tuesday, August 6th. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research report on Wednesday. They issued an “underperform” rating and a $225.00 target price for the company. Robert W. Baird dropped their price objective on shares of 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, KeyCorp raised their target price 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. One research 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $323.60.

Insider Buying and Selling at Cadence Design Systems

In related 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 completion of the transaction, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now owns 46,551 shares in the company, valued at approximately $14,643,548.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the transaction, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The disclosure for this sale can be found here. Insiders have sold 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.

Cadence Design Systems Stock Down 0.0 %

Shares of NASDAQ CDNS opened at $274.13 on Friday. The company has a market capitalization of $74.68 billion, a P/E ratio of 71.39, a P/E/G ratio of 3.30 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 $267.43 and a 200-day simple moving average of $289.20. 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 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 company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the firm earned $0.94 earnings per share. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

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.