Ieq Capital LLC Purchases 4,245 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ieq Capital LLC increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,271 shares of the software maker’s stock after purchasing an additional 4,245 shares during the quarter. Ieq Capital LLC’s holdings in Cadence Design Systems were worth $8,085,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Cadence Design Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after purchasing an additional 437,101 shares during the period. Jennison Associates LLC boosted its position in Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Cadence Design Systems by 10.5% during the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after acquiring an additional 209,301 shares during the period. Nordea Investment Management AB raised its position in shares of Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after acquiring an additional 145,351 shares in the last quarter. Finally, Swedbank AB lifted its stake in shares of Cadence Design Systems by 7.8% in the 2nd quarter. Swedbank AB now owns 1,523,142 shares of the software maker’s stock valued at $468,747,000 after purchasing an additional 109,662 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $273.76 on Friday. The company has a market cap of $74.58 billion, a price-to-earnings ratio of 71.29, a P/E/G ratio of 3.19 and a beta of 1.02. The business’s fifty day simple moving average is $269.55 and its two-hundred day simple moving average is $290.48. Cadence Design Systems, Inc. has a 12 month low of $227.05 and a 12 month high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Bank of America increased their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, Robert W. Baird reduced their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and eight 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 $334.56.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the sale, the vice president now owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. The disclosure for this sale can be found here. Insiders have sold a total of 38,272 shares of company stock worth $10,833,362 over the last quarter. Company insiders own 1.99% of the company’s stock.

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.