Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 38.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,744 shares of the software maker’s stock after purchasing an additional 1,314 shares during the period. Miracle Mile Advisors LLC’s holdings in Cadence Design Systems were worth $1,477,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $1,141,059,000. Nordea Investment Management AB boosted its stake in shares of Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after buying an additional 962,987 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after purchasing an additional 448,918 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Cadence Design Systems by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after purchasing an additional 384,637 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on CDNS shares. Robert W. Baird boosted their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Piper Sandler decreased their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Bank of America boosted 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. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $332.78.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction dated 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 sale, the vice president now owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The sale 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 company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. Insiders sold 39,534 shares of company stock worth $11,735,433 over the last three months. 0.62% of the stock is owned by insiders.

Cadence Design Systems Trading Up 1.0 %

Cadence Design Systems stock traded up $3.17 during trading on Monday, hitting $310.92. The company’s stock had a trading volume of 1,278,348 shares, compared to its average volume of 1,560,171. The stock has a market capitalization of $84.70 billion, a price-to-earnings ratio of 80.97, a P/E/G ratio of 3.77 and a beta of 1.03. The stock’s fifty day moving average is $294.50 and its 200 day moving average is $293.96. Cadence Design Systems, Inc. has a 1-year low of $217.77 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.02 earnings per share. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

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.