Gabelli Funds LLC Grows Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Gabelli Funds LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,865 shares of the software maker’s stock after buying an additional 62 shares during the quarter. Gabelli Funds LLC’s holdings in Cadence Design Systems were worth $11,037,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Fiduciary Trust Co raised its position in Cadence Design Systems by 0.6% during the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after purchasing an additional 39 shares in the last quarter. Capital Market Strategies LLC raised its holdings in shares of Cadence Design Systems by 3.1% during the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after buying an additional 39 shares in the last quarter. Inspire Advisors LLC lifted its position in Cadence Design Systems by 1.8% in the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after buying an additional 40 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its stake in Cadence Design Systems by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after buying an additional 41 shares in the last quarter. Finally, First Affirmative Financial Network grew its position in Cadence Design Systems by 3.6% during the first quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after acquiring an additional 46 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $274.08 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a fifty-two week low of $227.05 and a fifty-two week high of $328.99. The firm has a market cap of $74.67 billion, a P/E ratio of 71.38, a P/E/G ratio of 3.19 and a beta of 1.02. The business’s 50 day moving average price is $268.72 and its 200-day moving average price is $289.89.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the firm earned $0.94 EPS. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Analyst Ratings Changes

CDNS has been the subject of a number of recent research reports. Bank of America boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Robert W. Baird lowered their target price on 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, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $334.56.

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the transaction, the senior vice president now owns 16,029 shares in the company, valued at approximately $4,423,683.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Karna Nisewaner sold 659 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the sale, the senior vice president now owns 16,029 shares in the company, valued at approximately $4,423,683.42. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the transaction, the director now owns 43,551 shares of the company’s stock, valued at $12,019,204.98. The disclosure for this sale can be found here. Insiders sold a total of 38,272 shares of company stock valued at $10,833,362 over the last three months. Corporate insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.