Marshall Financial Group LLC Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Marshall Financial Group LLC raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 4,656 shares of the software maker’s stock after acquiring an additional 264 shares during the period. Marshall Financial Group LLC’s holdings in Cadence Design Systems were worth $1,449,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. ZRC Wealth Management LLC bought a new position in Cadence Design Systems in the 1st quarter worth about $74,000. First Trust Direct Indexing L.P. boosted its position in shares of Cadence Design Systems by 13.5% in the first quarter. First Trust Direct Indexing L.P. now owns 5,978 shares of the software maker’s stock valued at $1,861,000 after acquiring an additional 713 shares during the period. Westside Investment Management Inc. bought a new stake in Cadence Design Systems during the 1st quarter worth approximately $125,000. Norden Group LLC lifted its stake in Cadence Design Systems by 1,659.3% in the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after purchasing an additional 12,544 shares in the last quarter. Finally, Lake Street Private Wealth LLC boosted its holdings in Cadence Design Systems by 13.8% in the 1st quarter. Lake Street Private Wealth LLC now owns 3,663 shares of the software maker’s stock valued at $1,140,000 after purchasing an additional 444 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the sale, the director now owns 48,051 shares in the company, valued at $14,852,083.59. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 shares were 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 approximately $28,379,109.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the transaction, the director now owns 48,051 shares in the company, valued at $14,852,083.59. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,134 shares of company stock worth $14,978,483. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Down 0.4 %

NASDAQ:CDNS traded down $1.31 during mid-day trading on Thursday, reaching $315.47. 673,152 shares of the company’s stock traded hands, compared to its average volume of 1,556,732. The company has a 50 day moving average price of $296.47 and a 200-day moving average price of $294.71. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99. The firm has a market capitalization of $85.94 billion, a price-to-earnings ratio of 82.15, a PEG ratio of 3.88 and a beta of 1.03. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) 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 business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the company earned $1.02 earnings per share. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on CDNS. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. Piper Sandler lowered their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Robert W. Baird boosted their price objective on Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a report on Tuesday. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Finally, KeyCorp lifted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Three investment 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 presently has an average rating of “Moderate Buy” and an average target price of $334.89.

Cadence Design Systems 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.