Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Kowal Investment Group LLC

Kowal Investment Group LLC increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 27.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,900 shares of the software maker’s stock after acquiring an additional 404 shares during the period. Kowal Investment Group LLC’s holdings in Cadence Design Systems were worth $585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ulland Investment Advisors LLC purchased a new position in shares of Cadence Design Systems in the first quarter worth about $25,000. RiverPark Advisors LLC acquired a new stake in Cadence Design Systems during the 1st quarter valued at approximately $26,000. ORG Partners LLC lifted its stake in Cadence Design Systems by 911.1% during the 2nd 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 purchased a new stake in shares of Cadence Design Systems in the 1st quarter valued at $32,000. Finally, Hollencrest Capital Management increased its stake in shares of Cadence Design Systems by 637.5% in the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after acquiring an additional 102 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 2.4 %

Shares of NASDAQ:CDNS opened at $273.76 on Friday. The firm has a market capitalization of $74.58 billion, a price-to-earnings ratio of 71.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. The business’s 50 day moving average price is $269.55 and its 200-day moving average price is $290.36. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced 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 business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.94 earnings per share. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now owns 95,408 shares in the company, valued at $29,179,582.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares in the company, valued at $17,357,250.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the transaction, the vice president now owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. In the last three months, insiders sold 38,272 shares of company stock worth $10,833,362. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

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

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.