Annapolis Financial Services LLC Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 104 shares of the software maker’s stock, valued at approximately $32,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Valley National Advisers Inc. increased its position in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $28,000. Union Savings Bank acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $33,000. Rakuten Securities Inc. acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $45,000. Finally, Rise Advisors LLC acquired a new stake in Cadence Design Systems during the 1st quarter worth approximately $45,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now directly owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems 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 transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the transaction, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,134 shares of company stock valued at $12,232,169. Corporate insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on CDNS shares. Bank of America upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Piper Sandler decreased their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 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. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Wells Fargo & Company increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $332.78.

Cadence Design Systems Stock Down 0.1 %

NASDAQ CDNS traded down $0.17 during trading on Friday, reaching $307.75. 2,312,595 shares of the company’s stock were exchanged, compared to its average volume of 1,602,099. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99. The firm has a market capitalization of $83.84 billion, a PE ratio of 80.14, a P/E/G ratio of 3.77 and a beta of 1.04. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The company’s fifty day simple moving average is $294.50 and its 200-day simple moving average is $293.83.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the business earned $1.02 EPS. The business’s quarterly revenue was down 1.2% on a year-over-year basis. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS 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.