Quarry LP Has $138,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Quarry LP raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1,177.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 447 shares of the software maker’s stock after purchasing an additional 412 shares during the period. Quarry LP’s holdings in Cadence Design Systems were worth $138,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cadence Design Systems by 5.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 27,929 shares of the software maker’s stock valued at $8,595,000 after purchasing an additional 1,523 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Cadence Design Systems by 17.4% in the second quarter. NewEdge Advisors LLC now owns 29,885 shares of the software maker’s stock valued at $9,197,000 after acquiring an additional 4,434 shares in the last quarter. Creative Planning grew its stake in shares of Cadence Design Systems by 9.3% in the second quarter. Creative Planning now owns 44,351 shares of the software maker’s stock valued at $13,649,000 after acquiring an additional 3,771 shares in the last quarter. Brick & Kyle Associates acquired a new position in shares of Cadence Design Systems in the second quarter valued at about $762,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Cadence Design Systems in the second quarter valued at about $1,914,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Piper Sandler upgraded shares of 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. Robert W. Baird decreased their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note 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 note on Tuesday, August 6th. KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Finally, Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $323.60.

Insider Transactions 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 value of $471,855.00. Following the completion of the transaction, the director now owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the transaction, 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 can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on 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 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 27,672 shares of company stock valued at $7,590,312. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Trading Down 1.1 %

Shares of Cadence Design Systems stock opened at $271.03 on Tuesday. The company has a market capitalization 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, Inc. has a 12-month low of $227.77 and a 12-month high of $328.99. The firm’s 50-day moving average price is $267.11 and its two-hundred day moving average price is $288.67.

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, analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share 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.