Benjamin F. Edwards & Company Inc. Acquires 3,382 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Benjamin F. Edwards & Company Inc. increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 26.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,226 shares of the software maker’s stock after acquiring an additional 3,382 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Cadence Design Systems were worth $4,993,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. GM Advisory Group LLC bought a new position in shares of Cadence Design Systems during the 2nd quarter worth about $204,000. Ieq Capital LLC grew its position in Cadence Design Systems by 19.3% during the second quarter. Ieq Capital LLC now owns 26,271 shares of the software maker’s stock worth $8,085,000 after buying an additional 4,245 shares in the last quarter. Brighton Jones LLC increased its stake in Cadence Design Systems by 11.7% during the second quarter. Brighton Jones LLC now owns 876 shares of the software maker’s stock valued at $270,000 after acquiring an additional 92 shares during the period. MQS Management LLC acquired a new position in Cadence Design Systems in the 2nd quarter valued at approximately $897,000. Finally, XTX Topco Ltd bought a new stake in shares of Cadence Design Systems in the 2nd quarter worth approximately $2,549,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $273.76 on Friday. Cadence Design Systems, Inc. has a 1-year low of $227.05 and a 1-year high of $328.99. The firm’s 50-day moving average price is $269.55 and its two-hundred day moving average price is $290.48. 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 $74.58 billion, a price-to-earnings ratio of 71.29, a P/E/G ratio of 3.19 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating 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 return on equity of 29.54% and a net margin of 25.36%. The business’s revenue was up 8.6% on a year-over-year basis. During the same period last year, the firm posted $0.94 EPS. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the sale, the senior vice president now owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the transaction, the senior vice president now directly owns 16,029 shares in the company, valued at approximately $4,423,683.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, 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. Insiders sold 38,272 shares of company stock valued at $10,833,362 over the last ninety days. 1.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CDNS shares. KeyCorp boosted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Bank of America increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note 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 price target for the company in a research note on Tuesday, August 6th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $334.56.

About Cadence Design Systems

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.