2,914 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Bought by MQS Management LLC

MQS Management LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,914 shares of the software maker’s stock, valued at approximately $897,000. Cadence Design Systems accounts for approximately 0.5% of MQS Management LLC’s portfolio, making the stock its 13th largest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ulland Investment Advisors LLC bought a new position in Cadence Design Systems during the first quarter worth $25,000. RiverPark Advisors LLC bought a new stake in shares of Cadence Design Systems in the first quarter valued at about $26,000. ORG Partners LLC increased its stake in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the period. Annapolis Financial Services LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter worth approximately $32,000. Finally, Union Savings Bank acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $33,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CDNS shares. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. KeyCorp raised their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. Finally, Bank of America boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

Cadence Design Systems Stock Performance

CDNS stock opened at $269.69 on Thursday. The stock has a market capitalization of $73.47 billion, a PE ratio of 70.23, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The company has a 50 day moving average price of $271.06 and a 200 day moving average price of $290.86. Cadence Design Systems, Inc. has a fifty-two week low of $227.05 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the company earned $0.94 earnings per share. The company’s revenue was up 8.6% on a year-over-year basis. Analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Karna Nisewaner sold 659 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the transaction, the senior vice president now owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the completion of the sale, the senior vice president now owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,772 shares of company stock valued at $10,419,392. Company insiders own 1.99% of the company’s stock.

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.