957 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by BluePath Capital Management LLC

BluePath Capital Management LLC acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 957 shares of the software maker’s stock, valued at approximately $298,000.

Other institutional investors also recently made changes to their positions in the company. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in Cadence Design Systems during the first quarter worth about $96,000. Consilio Wealth Advisors LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $302,000. Claro Advisors LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $201,000. Miracle Mile Advisors LLC grew its position in Cadence Design Systems by 38.3% during the first quarter. Miracle Mile Advisors LLC now owns 4,744 shares of the software maker’s stock worth $1,477,000 after buying an additional 1,314 shares in the last quarter. Finally, Kowal Investment Group LLC increased its stake in Cadence Design Systems by 33.8% during the 1st quarter. Kowal Investment Group LLC now owns 1,496 shares of the software maker’s stock worth $466,000 after acquiring an additional 378 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on CDNS shares. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. KeyCorp upped their price target on shares of 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 decreased their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $334.89.

Insider Buying and Selling

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the transaction, the director now directly owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The disclosure for this sale can be found here. Insiders sold 50,134 shares of company stock valued at $14,978,483 over the last quarter. 0.62% of the stock is owned by company insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded down $1.31 during trading on Wednesday, reaching $315.47. The company had a trading volume of 673,152 shares, compared to its average volume of 1,551,754. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The company has a fifty day moving average of $295.72 and a two-hundred day moving average of $294.56. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The stock has a market capitalization of $85.94 billion, a P/E ratio of 82.15, a price-to-earnings-growth ratio of 3.77 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. Cadence Design Systems’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period last year, the company earned $1.02 EPS. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

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.