Advisor Group Holdings Inc. bought a new position in Cadence Design Systems Inc (NASDAQ:CDNS) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 50,502 shares of the software maker’s stock, valued at approximately $2,245,000.
A number of other large investors have also recently made changes to their positions in the business. Wealth Quarterback LLC purchased a new stake in shares of Cadence Design Systems in the 4th quarter worth $12,738,711,000. BlackRock Inc. lifted its holdings in shares of Cadence Design Systems by 10.7% in the 1st quarter. BlackRock Inc. now owns 29,625,732 shares of the software maker’s stock worth $1,956,485,000 after buying an additional 2,872,493 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Cadence Design Systems by 9.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 26,551,697 shares of the software maker’s stock worth $1,753,472,000 after buying an additional 2,198,027 shares during the period. Parnassus Investments CA lifted its holdings in shares of Cadence Design Systems by 3.5% in the 1st quarter. Parnassus Investments CA now owns 8,858,534 shares of the software maker’s stock worth $585,018,000 after buying an additional 296,088 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Cadence Design Systems by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 5,819,027 shares of the software maker’s stock worth $403,039,000 after buying an additional 72,346 shares during the period. 87.02% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:CDNS opened at $95.96 on Wednesday. The business’s 50-day moving average is $89.29 and its 200 day moving average is $75.65. Cadence Design Systems Inc has a 1 year low of $51.39 and a 1 year high of $96.56. The firm has a market capitalization of $26.34 billion, a P/E ratio of 27.11, a P/E/G ratio of 4.68 and a beta of 1.10. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.38 and a quick ratio of 1.32.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 20th. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.06. Cadence Design Systems had a return on equity of 55.35% and a net margin of 41.74%. The company had revenue of $618.00 million for the quarter, compared to analyst estimates of $613.34 million. During the same period in the prior year, the company posted $0.54 EPS. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, analysts expect that Cadence Design Systems Inc will post 1.61 EPS for the current year.
CDNS has been the subject of several research reports. Royal Bank of Canada upped their target price on Cadence Design Systems from $85.00 to $101.00 and gave the stock an “outperform” rating in a report on Monday, June 15th. UBS Group began coverage on Cadence Design Systems in a research note on Wednesday, May 27th. They set a “neutral” rating and a $91.00 price objective for the company. Cfra restated a “buy” rating and set a $89.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 24th. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 25th. Finally, Robert W. Baird upped their price objective on Cadence Design Systems from $72.00 to $91.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 21st. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Cadence Design Systems currently has an average rating of “Buy” and an average price target of $85.67.
In other news, President Anirudh Devgan sold 60,000 shares of the stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $94.98, for a total value of $5,698,800.00. Following the transaction, the president now directly owns 366,567 shares of the company’s stock, valued at $34,816,533.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 50,000 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $75.54, for a total value of $3,777,000.00. Following the completion of the transaction, the chief executive officer now directly owns 802,128 shares in the company, valued at $60,592,749.12. The disclosure for this sale can be found here. Insiders sold 281,876 shares of company stock worth $23,512,630 over the last three months. Corporate insiders own 2.58% of the company’s stock.
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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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