Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Davidson Capital Management Inc.

Davidson Capital Management Inc. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,887 shares of the software maker’s stock after acquiring an additional 92 shares during the quarter. Davidson Capital Management Inc.’s holdings in Cadence Design Systems were worth $3,043,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CDNS. Benjamin F. Edwards & Company Inc. increased its position in shares of Cadence Design Systems by 26.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 16,226 shares of the software maker’s stock worth $4,993,000 after acquiring an additional 3,382 shares in the last quarter. GM Advisory Group LLC purchased a new position in Cadence Design Systems during the 2nd quarter worth approximately $204,000. Ieq Capital LLC raised its stake in Cadence Design Systems by 19.3% during the 2nd quarter. Ieq Capital LLC now owns 26,271 shares of the software maker’s stock valued at $8,085,000 after purchasing an additional 4,245 shares during the period. Brighton Jones LLC lifted its holdings in shares of Cadence Design Systems by 11.7% in the second quarter. Brighton Jones LLC now owns 876 shares of the software maker’s stock valued at $270,000 after purchasing an additional 92 shares in the last quarter. Finally, MQS Management LLC acquired a new stake in shares of Cadence Design Systems in the second quarter worth $897,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CDNS shares. 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 report on Tuesday, August 6th. KeyCorp upped their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Robert W. Baird decreased their target price on shares of 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. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Trading Up 4.0 %

Shares of NASDAQ:CDNS opened at $280.35 on Friday. 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 stock has a market capitalization of $76.37 billion, a PE ratio of 73.01, a P/E/G ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The firm has a fifty day moving average price of $270.39 and a 200 day moving average price of $290.78.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the firm posted $0.94 EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. Analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Insider Activity

In related news, SVP Karna Nisewaner sold 659 shares of the company’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 completion of the sale, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Cadence Design Systems 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 completion of the transaction, the senior vice president now owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the sale, the director now directly owns 43,551 shares in the company, valued at $12,019,204.98. The disclosure for this sale can be found here. Insiders have sold a total of 38,272 shares of company stock valued at $10,833,362 over the last 90 days. 1.99% of the stock is currently owned by company insiders.

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.