CHICAGO TRUST Co NA Boosts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

CHICAGO TRUST Co NA lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 875 shares of the software maker’s stock after acquiring an additional 83 shares during the quarter. CHICAGO TRUST Co NA’s holdings in Cadence Design Systems were worth $272,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of CDNS. Valley National Advisers Inc. increased its position in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares during the period. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth $28,000. Union Savings Bank purchased a new position in Cadence Design Systems in the fourth quarter valued at $33,000. Rakuten Securities Inc. purchased a new position in shares of Cadence Design Systems during the fourth quarter worth about $45,000. Finally, Rise Advisors LLC purchased a new position in shares of Cadence Design Systems during the first quarter worth about $45,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Robert W. Baird raised their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, Bank of America increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $331.11.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 21,700 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the completion of the transaction, the chief financial officer now directly owns 41,035 shares of the company’s stock, valued at approximately $12,778,299. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 21,700 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the completion of the sale, the chief financial officer now directly owns 41,035 shares of the company’s stock, valued at $12,778,299. The disclosure for this sale can be found here. Insiders sold a total of 62,834 shares of company stock valued at $18,989,549 in the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $309.14 on Tuesday. The firm has a 50 day moving average of $292.98 and a 200-day moving average of $292.85. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The company has a market cap of $84.22 billion, a price-to-earnings ratio of 80.51, a PEG ratio of 3.90 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the company posted $1.02 EPS. The company’s revenue was down 1.2% on a year-over-year basis. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal 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.