Summit Trail Advisors LLC Has $1.07 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Summit Trail Advisors LLC boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 97.6% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 3,478 shares of the software maker’s stock after buying an additional 1,718 shares during the period. Summit Trail Advisors LLC’s holdings in Cadence Design Systems were worth $1,070,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Blue Whale Capital LLP bought a new position in shares of Cadence Design Systems during the second quarter worth approximately $31,904,000. Sei Investments Co. grew its holdings in Cadence Design Systems by 4.9% in the 2nd quarter. Sei Investments Co. now owns 364,382 shares of the software maker’s stock valued at $112,141,000 after buying an additional 17,086 shares in the last quarter. AE Wealth Management LLC increased its position in Cadence Design Systems by 2.4% during the 2nd quarter. AE Wealth Management LLC now owns 7,110 shares of the software maker’s stock worth $2,188,000 after buying an additional 170 shares during the period. King Luther Capital Management Corp lifted its holdings in shares of Cadence Design Systems by 271.9% during the second quarter. King Luther Capital Management Corp now owns 102,509 shares of the software maker’s stock worth $31,547,000 after buying an additional 74,943 shares in the last quarter. Finally, ASB Consultores LLC boosted its position in shares of Cadence Design Systems by 74.8% in the second quarter. ASB Consultores LLC now owns 1,778 shares of the software maker’s stock valued at $547,000 after acquiring an additional 761 shares during the period. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $273.76 on Friday. The business has a fifty day simple moving average of $269.55 and a 200 day simple moving average of $290.36. The company has a market cap of $74.58 billion, a P/E ratio of 71.29, a P/E/G 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 twelve month low of $227.05 and a twelve month high of $328.99.

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

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 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 $413,970.00. Following the completion of the transaction, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,272 shares of company stock valued at $10,833,362. 1.99% of the stock is currently owned by insiders.

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.