Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Manchester Capital Management LLC

Manchester Capital Management LLC lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3,475.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,323 shares of the software maker’s stock after purchasing an additional 1,286 shares during the period. Manchester Capital Management LLC’s holdings in Cadence Design Systems were worth $412,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Ulland Investment Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter worth about $25,000. RiverPark Advisors LLC purchased a new position in Cadence Design Systems during the first quarter worth approximately $26,000. Valley National Advisers Inc. raised its stake in Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth $28,000. Finally, Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems in the first quarter worth $32,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were 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 in the company, valued at approximately $28,379,109.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the sale, the senior vice president now owns 20,480 shares in the company, valued at $5,639,372.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,134 shares of company stock valued at $14,978,483. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded up $2.52 during mid-day trading on Friday, reaching $316.59. 172,460 shares of the company were exchanged, compared to its average volume of 1,524,779. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The company has a fifty day moving average of $301.16 and a 200 day moving average of $296.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The stock has a market cap of $86.25 billion, a PE ratio of 81.79, a PEG ratio of 3.91 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.02 EPS. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of recent analyst reports. Piper Sandler reaffirmed a “neutral” rating and set a $318.00 price target on shares of Cadence Design Systems in a report on Wednesday. Bank of America lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, May 17th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $334.89.

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.