Marshall Wace LLP Acquires 285,130 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Marshall Wace LLP raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 153.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 471,010 shares of the software maker’s stock after purchasing an additional 285,130 shares during the quarter. Marshall Wace LLP owned 0.17% of Cadence Design Systems worth $144,953,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Gilbert & Cook Inc. increased its holdings in shares of Cadence Design Systems by 8.3% during the fourth quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock worth $986,000 after buying an additional 278 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Cadence Design Systems by 68.3% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 25,902 shares of the software maker’s stock worth $7,055,000 after acquiring an additional 10,516 shares during the last quarter. US Bancorp DE lifted its stake in shares of Cadence Design Systems by 21.7% during the fourth quarter. US Bancorp DE now owns 38,612 shares of the software maker’s stock valued at $10,517,000 after acquiring an additional 6,886 shares during the period. SageView Advisory Group LLC bought a new position in Cadence Design Systems in the fourth quarter valued at about $360,000. Finally, Advisory Services Network LLC increased its position in Cadence Design Systems by 1.4% in the fourth 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 during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated 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 directly owns 46,551 shares in the company, valued at approximately $14,643,548.07. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction 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 sale, the vice president now directly 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 accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated 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 directly owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,272 shares of company stock valued at $10,833,362. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CDNS shares. Robert W. Baird lowered their price target on shares of 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. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. 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 report on Tuesday, August 6th. Finally, Bank of America upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Trading Up 0.1 %

Shares of NASDAQ:CDNS opened at $274.08 on Tuesday. The firm has a market cap of $74.67 billion, a price-to-earnings ratio of 71.38, a PEG 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 company’s fifty day simple moving average is $268.72 and its 200 day simple moving average is $289.89. 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 (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 earnings per share. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

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.