First Trust Direct Indexing L.P. Purchases 713 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

First Trust Direct Indexing L.P. grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,978 shares of the software maker’s stock after buying an additional 713 shares during the period. First Trust Direct Indexing L.P.’s holdings in Cadence Design Systems were worth $1,861,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of CDNS. Westside Investment Management Inc. acquired a new stake in Cadence Design Systems during the first quarter worth approximately $125,000. Norden Group LLC grew its holdings in shares of Cadence Design Systems by 1,659.3% during the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after purchasing an additional 12,544 shares in the last quarter. Lake Street Private Wealth LLC increased its position in shares of Cadence Design Systems by 13.8% in the first quarter. Lake Street Private Wealth LLC now owns 3,663 shares of the software maker’s stock worth $1,140,000 after purchasing an additional 444 shares during the period. BluePath Capital Management LLC acquired a new position in Cadence Design Systems in the first quarter valued at about $298,000. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new stake in Cadence Design Systems during the first quarter worth about $96,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CDNS shares. Piper Sandler cut their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Robert W. Baird lifted their price target on Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a research note on Tuesday. Wells Fargo & Company upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, May 17th. Finally, KeyCorp increased their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $334.89.

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the sale, the vice president now directly owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Insiders sold 50,134 shares of company stock valued at $14,978,483 over the last quarter. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $315.47 on Friday. The stock has a fifty day simple moving average of $297.24 and a 200 day simple moving average of $294.85. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99. The company has a market capitalization of $85.94 billion, a price-to-earnings ratio of 82.15, a PEG ratio of 3.86 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion for 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 period in the previous year, the firm earned $1.02 earnings per share. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

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.