Profund Advisors LLC Purchases 75 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Profund Advisors LLC grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,405 shares of the software maker’s stock after acquiring an additional 75 shares during the quarter. Profund Advisors LLC’s holdings in Cadence Design Systems were worth $7,818,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Kowal Investment Group LLC increased its stake in Cadence Design Systems by 27.0% in the 2nd quarter. Kowal Investment Group LLC now owns 1,900 shares of the software maker’s stock worth $585,000 after acquiring an additional 404 shares during the last quarter. Symmetry Investments LP bought a new stake in Cadence Design Systems in the 2nd quarter worth approximately $1,343,000. Summit Trail Advisors LLC increased its stake in Cadence Design Systems by 97.6% in the 2nd quarter. Summit Trail Advisors LLC now owns 3,478 shares of the software maker’s stock worth $1,070,000 after acquiring an additional 1,718 shares during the last quarter. Blue Whale Capital LLP bought a new stake in Cadence Design Systems in the 2nd quarter worth approximately $31,904,000. Finally, Sei Investments Co. increased its stake in Cadence Design Systems by 4.9% in the 2nd quarter. Sei Investments Co. now owns 364,382 shares of the software maker’s stock worth $112,141,000 after acquiring an additional 17,086 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $273.76 on Friday. The stock’s fifty day moving average is $269.55 and its two-hundred day moving average is $290.36. The company has a market capitalization of $74.58 billion, a PE ratio of 71.29, a price-to-earnings-growth ratio of 3.19 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 52 week low of $227.05 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced 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. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the company posted $0.94 EPS. Cadence Design Systems’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CDNS. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Robert W. Baird dropped their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. KeyCorp lifted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Piper Sandler upgraded 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. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $334.56.

Insider Transactions at Cadence Design Systems

In other 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 transaction of $181,870.82. Following 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 filing with the Securities & Exchange Commission, which is available through this link. In other 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 transaction of $181,870.82. Following 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 filing with the Securities & Exchange Commission, which is available through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the 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 transaction, the director now directly owns 46,551 shares in the company, valued at approximately $14,643,548.07. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,272 shares of company stock valued at $10,833,362. 1.99% of the stock is currently owned by corporate insiders.

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.