Fidelis Capital Partners LLC Buys 696 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fidelis Capital Partners LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,368 shares of the software maker’s stock after purchasing an additional 696 shares during the period. Fidelis Capital Partners LLC’s holdings in Cadence Design Systems were worth $1,344,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CDNS. Empowered Funds LLC lifted its position in Cadence Design Systems by 223.8% during the first quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after buying an additional 6,346 shares during the period. Norden Group LLC raised its holdings in Cadence Design Systems by 1,659.3% in the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after buying an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. lifted its stake in shares of Cadence Design Systems by 37.5% in the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock worth $5,258,000 after buying an additional 5,269 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Cadence Design Systems by 3.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after acquiring an additional 3,899 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. 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. KeyCorp lifted 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 restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Finally, Bank of America upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Stock Down 2.4 %

NASDAQ CDNS opened at $273.76 on Friday. The stock’s 50-day moving average price is $269.55 and its 200-day moving average price is $290.36. The company has a market capitalization of $74.58 billion, a P/E ratio of 71.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 52 week low of $227.05 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share 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 the consensus estimate 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% on a year-over-year basis. During the same quarter 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 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the transaction, the director now owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the transaction, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares in the company, valued at $5,933,420. 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. 1.99% of the stock is currently owned by company insiders.

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.