1,590 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Acquired by Heartland Bank & Trust Co

Heartland Bank & Trust Co acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,590 shares of the software maker’s stock, valued at approximately $489,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Truist Financial Corp increased its stake in Cadence Design Systems by 4.6% during the 2nd quarter. Truist Financial Corp now owns 321,015 shares of the software maker’s stock valued at $98,792,000 after purchasing an additional 13,972 shares in the last quarter. Fiera Capital Corp increased its position in shares of Cadence Design Systems by 24.9% during the second quarter. Fiera Capital Corp now owns 24,259 shares of the software maker’s stock worth $7,466,000 after acquiring an additional 4,838 shares in the last quarter. HWG Holdings LP bought a new stake in shares of Cadence Design Systems during the second quarter worth about $8,342,000. EP Wealth Advisors LLC raised its holdings in shares of Cadence Design Systems by 5.2% in the 2nd quarter. EP Wealth Advisors LLC now owns 2,416 shares of the software maker’s stock worth $743,000 after acquiring an additional 119 shares during the last quarter. Finally, Regal Investment Advisors LLC bought a new position in Cadence Design Systems in the 2nd quarter valued at about $301,000. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now directly owns 65,194 shares of the company’s stock, valued at $17,357,250.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,672 shares of company stock valued at $7,590,312. 1.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CDNS. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Oppenheimer assumed coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. 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. Robert W. Baird cut their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Finally, Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $323.60.

Cadence Design Systems Stock Down 1.1 %

CDNS opened at $271.03 on Tuesday. Cadence Design Systems, Inc. has a twelve month low of $227.77 and a twelve month high of $328.99. The company’s 50-day moving average price is $267.11 and its two-hundred day moving average price is $288.67. The stock has a market cap of $73.83 billion, a price-to-earnings ratio of 70.58, a PEG ratio of 3.30 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 (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS 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 return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.94 earnings per share. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

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.