Brighton Jones LLC Has $270,000 Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brighton Jones LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 876 shares of the software maker’s stock after buying an additional 92 shares during the quarter. Brighton Jones LLC’s holdings in Cadence Design Systems were worth $270,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Gilbert & Cook Inc. grew its holdings in shares of Cadence Design Systems by 8.3% during the 4th quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock worth $986,000 after purchasing an additional 278 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Cadence Design Systems by 68.3% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 25,902 shares of the software maker’s stock worth $7,055,000 after purchasing an additional 10,516 shares in the last quarter. US Bancorp DE grew its holdings in shares of Cadence Design Systems by 21.7% during the 4th quarter. US Bancorp DE now owns 38,612 shares of the software maker’s stock worth $10,517,000 after purchasing an additional 6,886 shares in the last quarter. SageView Advisory Group LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth $360,000. Finally, Advisory Services Network LLC grew its holdings in shares of Cadence Design Systems by 1.4% during the 4th quarter. Advisory Services Network LLC now owns 11,004 shares of the software maker’s stock worth $2,997,000 after purchasing an additional 150 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $273.76 on Monday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $74.58 billion, a PE ratio of 71.29, a P/E/G ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 12 month low of $227.05 and a 12 month high of $328.99. The stock has a 50-day moving average price of $269.55 and a two-hundred day moving average price of $290.20.

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 company had revenue of $1.06 billion during 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 quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 earnings per share. Analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Insider Activity

In related 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 transaction of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’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 value of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,272 shares of company stock valued at $10,833,362. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, August 6th. KeyCorp upped their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock 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 price objective for the company in a research report on Tuesday, August 6th. Finally, Robert W. Baird dropped 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 investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average 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.