Tobam Sells 862 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Tobam lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 50.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 839 shares of the software maker’s stock after selling 862 shares during the quarter. Tobam’s holdings in Cadence Design Systems were worth $258,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fiduciary Trust Co boosted its holdings in shares of Cadence Design Systems by 0.6% in the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after buying an additional 39 shares during the last quarter. Capital Market Strategies LLC grew its stake in shares of Cadence Design Systems by 3.1% in the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after buying an additional 39 shares in the last quarter. Inspire Advisors LLC boosted its stake in shares of Cadence Design Systems by 1.8% during the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after purchasing an additional 40 shares during the period. Wealthcare Advisory Partners LLC boosted its stake in shares of Cadence Design Systems by 4.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after purchasing an additional 41 shares during the period. Finally, First Affirmative Financial Network boosted its position in Cadence Design Systems by 3.6% in the 1st quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after buying an additional 46 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the business’s 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 transaction, the vice president now 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 the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $295.00, for a total value of $191,750.00. Following the transaction, the vice president now directly owns 66,494 shares in the company, valued at $19,615,730. The disclosure for this sale can be found here. Insiders have sold 70,397 shares of company stock worth $20,464,944 over the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 0.8 %

Shares of CDNS stock traded up $2.03 during mid-day trading on Friday, reaching $267.66. 755,533 shares of the company were exchanged, compared to its average volume of 1,707,892. The company has a market capitalization of $72.92 billion, a P/E ratio of 69.17, a P/E/G ratio of 3.14 and a beta of 1.03. The business’s 50 day simple moving average is $286.52 and its 200 day simple moving average is $294.72. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a fifty-two week low of $227.05 and a fifty-two week 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 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.94 earnings per share. Research analysts predict that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current year.

Wall Street Analyst Weigh In

CDNS has been the subject of several recent research reports. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, Bank of America raised their price target 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. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems 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.