O Shaughnessy Asset Management LLC Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

O Shaughnessy Asset Management LLC boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.1% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 36,875 shares of the software maker’s stock after buying an additional 1,108 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Cadence Design Systems were worth $11,478,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CDNS. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $28,000. Premier Path Wealth Partners LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter worth $227,000. HB Wealth Management LLC increased its stake in Cadence Design Systems by 8.5% during the 4th quarter. HB Wealth Management LLC now owns 2,816 shares of the software maker’s stock worth $767,000 after buying an additional 220 shares during the period. WJ Wealth Management LLC boosted its position in Cadence Design Systems by 86.2% in the 4th quarter. WJ Wealth Management LLC now owns 4,276 shares of the software maker’s stock valued at $1,165,000 after buying an additional 1,980 shares during the last quarter. Finally, AustralianSuper Pty Ltd grew its stake in shares of Cadence Design Systems by 317.5% during the fourth quarter. AustralianSuper Pty Ltd now owns 124,277 shares of the software maker’s stock valued at $33,849,000 after acquiring an additional 94,513 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now directly owns 49,551 shares of the company’s stock, valued at $14,228,074.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock worth $14,987,093 in the last ninety days. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded down $4.09 during trading on Tuesday, hitting $282.99. 3,340,618 shares of the company traded hands, compared to its average volume of 1,593,063. 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 business’s fifty day moving average is $302.87 and its 200-day moving average is $298.12. The stock has a market capitalization of $77.09 billion, a price-to-earnings ratio of 74.66, a PEG ratio of 3.43 and a beta of 1.03. Cadence Design Systems, Inc. has a one year low of $217.77 and a one year high of $328.99.

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, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the business earned $0.94 EPS. The firm’s revenue was up 8.6% on a year-over-year basis. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on CDNS shares. Wells Fargo & Company increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a 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. Robert W. Baird cut their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

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.