Raymond James & Associates Boosts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Raymond James & Associates grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 39.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 303,545 shares of the software maker’s stock after buying an additional 85,330 shares during the quarter. Raymond James & Associates owned 0.11% of Cadence Design Systems worth $93,416,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in CDNS. Ulland Investment Advisors LLC acquired a new stake in Cadence Design Systems in the 1st quarter valued at $25,000. RiverPark Advisors LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at about $26,000. ORG Partners LLC grew its stake 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 buying an additional 82 shares in the last quarter. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at about $32,000. Finally, Union Savings Bank acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of a number of recent research reports. Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Robert W. Baird lowered their target price 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. KeyCorp increased their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded up $0.88 during mid-day trading on Friday, hitting $281.00. The company had a trading volume of 1,090,251 shares, compared to its average volume of 1,724,359. The stock has a market cap of $76.55 billion, a price-to-earnings ratio of 73.18, a PEG ratio of 3.14 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. 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 firm’s 50 day simple moving average is $292.63 and its two-hundred day simple moving average is $296.03.

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. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $0.94 EPS. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $28,379,109.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $287.31, for a total value of $172,386.00. Following the sale, the senior vice president now directly owns 19,880 shares in the company, valued at approximately $5,711,722.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,684 shares of company stock valued at $14,288,863. 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.