Wambolt & Associates LLC Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wambolt & Associates LLC boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,571 shares of the software maker’s stock after purchasing an additional 1,054 shares during the quarter. Cadence Design Systems makes up approximately 1.0% of Wambolt & Associates LLC’s holdings, making the stock its 29th largest holding. Wambolt & Associates LLC’s holdings in Cadence Design Systems were worth $3,598,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Cadence Design Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after buying an additional 437,101 shares during the period. Jennison Associates LLC boosted its stake in Cadence Design Systems by 6.9% in 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 period. Norges Bank bought a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $1,141,059,000. Van ECK Associates Corp lifted its holdings in shares of Cadence Design Systems by 10.5% in the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after purchasing an additional 209,301 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in Cadence Design Systems by 7.7% during the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after purchasing an additional 145,351 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Trading Up 3.5 %

Cadence Design Systems stock opened at $264.72 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The business’s 50-day simple moving average is $275.72 and its 200-day simple moving average is $292.03. The firm has a market capitalization of $72.12 billion, a PE ratio of 68.94, a PEG ratio of 2.98 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $227.05 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm earned $0.94 EPS. The business’s revenue was up 8.6% on a year-over-year basis. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’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 sale, the director now owns 48,051 shares of the company’s stock, valued at approximately $14,852,083.59. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The disclosure for this sale can be found here. Insiders have sold 37,613 shares of company stock valued at $10,701,156 in the last 90 days. 1.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Bank of America increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $334.56.

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.