663 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Acquired by GM Advisory Group LLC

GM Advisory Group LLC bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 663 shares of the software maker’s stock, valued at approximately $204,000.

A number of other hedge funds also recently bought and sold shares of CDNS. Ulland Investment Advisors LLC bought a new stake in Cadence Design Systems in the 1st quarter worth approximately $25,000. RiverPark Advisors LLC bought a new stake in Cadence Design Systems in the 1st quarter worth approximately $26,000. ORG Partners LLC lifted its position in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the last quarter. Annapolis Financial Services LLC bought a new stake in Cadence Design Systems in the 1st quarter worth approximately $32,000. Finally, Hollencrest Capital Management increased its stake in Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after purchasing an additional 102 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

CDNS opened at $273.76 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99. The stock has a market capitalization of $74.58 billion, a PE ratio of 71.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. The stock’s 50 day moving average price is $269.55 and its 200-day moving average price is $290.48.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.94 earnings per share. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Insider Buying and Selling

In related news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was 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 of the company’s stock, valued at $14,643,548.07. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. Insiders have sold a total of 38,272 shares of company stock valued at $10,833,362 over the last ninety days. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of analyst reports. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. 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. KeyCorp lifted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Bank of America lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

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.