Riverview Trust Co Makes New $124,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Riverview Trust Co purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 397 shares of the software maker’s stock, valued at approximately $124,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Valley National Advisers Inc. boosted its position in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $28,000. Union Savings Bank bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $33,000. Rise Advisors LLC bought a new stake in shares of Cadence Design Systems during the 1st quarter valued at about $45,000. Finally, Rakuten Securities Inc. bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $45,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction 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 $28,379,109.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO John M. Wall sold 21,700 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $311.40, for a total value of $6,757,380.00. Following the transaction, the chief financial officer now owns 41,035 shares in the company, valued at approximately $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 over the last 90 days. Insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

Several research 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. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. Needham & Company LLC restated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. Wells Fargo & Company increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Finally, Bank of America raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $331.11.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $311.53 on Wednesday. The stock has a market cap of $84.87 billion, a PE ratio of 81.13, a price-to-earnings-growth ratio of 3.78 and a beta of 1.04. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The stock has a fifty day moving average of $293.19 and a 200-day moving average of $293.21.

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, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the company earned $1.02 earnings per share. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

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.