Mutual of America Capital Management LLC Purchases 2,849 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mutual of America Capital Management LLC increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 38,519 shares of the software maker’s stock after purchasing an additional 2,849 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Cadence Design Systems were worth $11,854,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Empowered Funds LLC grew its stake in Cadence Design Systems by 223.8% in the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after buying an additional 6,346 shares during the last quarter. Norden Group LLC grew its stake in Cadence Design Systems by 1,659.3% in the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after buying an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. grew its stake in Cadence Design Systems by 37.5% in the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after buying an additional 5,269 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its stake in Cadence Design Systems by 3.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after buying an additional 3,899 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after buying an additional 468,195 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Rosenblatt Securities reiterated 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 increased their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Bank of America increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report 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 company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $334.56.

Insider Activity at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were 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 owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were 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 owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the transaction, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. The disclosure for this sale can be found here. Insiders sold a total of 36,772 shares of company stock valued at $10,419,392 in the last quarter. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $269.69 on Thursday. 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 firm has a market capitalization of $73.47 billion, a price-to-earnings ratio of 70.23, a P/E/G ratio of 3.19 and a beta of 1.02. The firm’s 50 day simple moving average is $271.06 and its 200 day simple moving average is $290.86. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $0.94 EPS. As a group, research analysts expect 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.