Rehmann Capital Advisory Group Increases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Rehmann Capital Advisory Group raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 8.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,550 shares of the software maker’s stock after purchasing an additional 125 shares during the period. Rehmann Capital Advisory Group’s holdings in Cadence Design Systems were worth $249,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of CDNS. Raleigh Capital Management Inc. boosted its holdings in shares of Cadence Design Systems by 108.3% in the 4th quarter. Raleigh Capital Management Inc. now owns 225 shares of the software maker’s stock valued at $36,000 after buying an additional 117 shares in the last quarter. Zions Bancorporation N.A. boosted its holdings in shares of Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after buying an additional 117 shares in the last quarter. Kistler Tiffany Companies LLC boosted its holdings in shares of Cadence Design Systems by 234.2% in the 4th quarter. Kistler Tiffany Companies LLC now owns 264 shares of the software maker’s stock valued at $42,000 after buying an additional 185 shares in the last quarter. SouthState Corp boosted its holdings in shares of Cadence Design Systems by 54.8% in the 4th quarter. SouthState Corp now owns 260 shares of the software maker’s stock valued at $42,000 after buying an additional 92 shares in the last quarter. Finally, Romano Brothers AND Company acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $47,000. 84.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Aneel Zaman sold 1,801 shares of the stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $195.35, for a total value of $351,825.35. Following the completion of the transaction, the vice president now owns 88,444 shares in the company, valued at approximately $17,277,535.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cadence Design Systems news, VP Aneel Zaman sold 1,801 shares of the firm’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $195.35, for a total transaction of $351,825.35. Following the completion of the transaction, the vice president now directly owns 88,444 shares in the company, valued at approximately $17,277,535.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Thomas P. Beckley sold 76,003 shares of the firm’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $209.33, for a total transaction of $15,909,707.99. Following the transaction, the vice president now owns 185,761 shares of the company’s stock, valued at $38,885,350.13. The disclosure for this sale can be found here. Insiders sold 368,660 shares of company stock worth $75,934,298 in the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CDNS. Needham & Company LLC upped their target price on shares of Cadence Design Systems from $200.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, February 14th. Robert W. Baird increased their price target on shares of Cadence Design Systems from $215.00 to $223.00 in a research note on Tuesday, April 25th. Bank of America increased their price target on shares of Cadence Design Systems from $225.00 to $240.00 in a research note on Tuesday, April 25th. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $215.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 11th. Finally, StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $220.80.

Cadence Design Systems Stock Up 10.2 %

CDNS stock opened at $224.49 on Friday. Cadence Design Systems, Inc. has a one year low of $138.76 and a one year high of $225.46. The stock has a market capitalization of $61.21 billion, a PE ratio of 71.72, a price-to-earnings-growth ratio of 2.62 and a beta of 1.07. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.33 and a current ratio of 1.44. The company has a fifty day moving average of $208.69 and a 200-day moving average of $187.23.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last announced its quarterly earnings results on Monday, April 24th. The software maker reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.04. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. Cadence Design Systems had a net margin of 23.24% and a return on equity of 33.80%. The business’s revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 EPS. As a group, analysts expect that Cadence Design Systems, Inc. will post 3.98 EPS for the current year.

Cadence Design Systems Profile

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Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: United States, Other Americas, China, Other Asia, Europe, Middle East and Africa and Japan.