Claro Advisors LLC Purchases Shares of 646 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Claro Advisors LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 646 shares of the software maker’s stock, valued at approximately $201,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust increased its holdings in shares of Cadence Design Systems by 8.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after purchasing an additional 38 shares during the period. Highview Capital Management LLC DE increased its holdings in shares of Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after purchasing an additional 39 shares during the period. Fiduciary Trust Co increased its holdings in shares of Cadence Design Systems by 0.6% in the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after purchasing an additional 39 shares during the period. Wealthcare Advisory Partners LLC grew its holdings in Cadence Design Systems by 4.5% during the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after acquiring an additional 41 shares during the period. Finally, Capital Market Strategies LLC grew its holdings in Cadence Design Systems by 3.4% during the first quarter. Capital Market Strategies LLC now owns 1,261 shares of the software maker’s stock worth $393,000 after acquiring an additional 42 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CDNS. Bank of America raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. KeyCorp raised their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Robert W. Baird lifted their price objective on Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, May 17th. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $334.89.

Cadence Design Systems Trading Up 1.9 %

Shares of NASDAQ CDNS opened at $316.78 on Wednesday. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve 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 stock has a fifty day simple moving average of $295.02 and a 200-day simple moving average of $294.24. The stock has a market capitalization of $86.30 billion, a PE ratio of 82.41, a PEG ratio of 3.77 and a beta of 1.03.

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, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the firm posted $1.02 earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Insider Buying and Selling

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 transaction of $463,635.00. Following the completion of the transaction, the director now directly owns 48,051 shares of the company’s stock, valued at approximately $14,852,083.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the completion of the sale, the vice president now directly owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated 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 directly owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The disclosure for this sale can be found here. Insiders sold 50,134 shares of company stock valued at $14,978,483 in the last three months. 0.62% of the stock is owned by corporate insiders.

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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.