Creative Planning Boosts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Creative Planning boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,351 shares of the software maker’s stock after acquiring an additional 3,771 shares during the quarter. Creative Planning’s holdings in Cadence Design Systems were worth $13,649,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after acquiring an additional 437,101 shares during the last quarter. Jennison Associates LLC increased its position 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 valued at $2,205,582,000 after acquiring an additional 459,603 shares during the last quarter. Legal & General Group Plc increased its position in Cadence Design Systems by 1.8% in the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock worth $772,187,000 after buying an additional 43,654 shares in the last quarter. Van ECK Associates Corp increased its position in Cadence Design Systems by 10.5% in the second quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after buying an additional 209,301 shares in the last quarter. Finally, Nordea Investment Management AB increased its position in Cadence Design Systems by 7.7% in the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after buying an additional 145,351 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $271.03 on Tuesday. The stock has a 50 day moving average of $267.11 and a 200 day moving average of $288.67. Cadence Design Systems, Inc. has a 12 month low of $227.77 and a 12 month high of $328.99. The firm has a market cap of $73.83 billion, a PE ratio of 70.58, a PEG ratio of 3.30 and a beta of 1.02. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the business posted $0.94 earnings per share. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on CDNS. KeyCorp upped their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Robert W. Baird reduced their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. Finally, Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $323.60.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the 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 sale, the vice president now directly owns 65,194 shares in the company, valued at $17,357,250.56. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the transaction, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction 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 transaction, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. The disclosure for this sale can be found here. Insiders have sold a total of 27,672 shares of company stock worth $7,590,312 over the last ninety days. Company insiders own 1.99% of the company’s stock.

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.