Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,195,714 shares of the software maker’s stock after acquiring an additional 209,301 shares during the quarter. Cadence Design Systems comprises approximately 1.0% of Van ECK Associates Corp’s investment portfolio, making the stock its 24th largest holding. Van ECK Associates Corp’s holdings in Cadence Design Systems were worth $675,731,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Ulland Investment Advisors LLC acquired a new position in Cadence Design Systems in the 1st quarter worth approximately $25,000. RiverPark Advisors LLC acquired a new position in Cadence Design Systems in the 1st quarter worth approximately $26,000. ORG Partners LLC increased its holdings in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new position in Cadence Design Systems in the 1st quarter worth approximately $32,000. Finally, Union Savings Bank purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction on 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 completion of the transaction, 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 filing with the SEC, which can be accessed through the SEC website. In related news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction dated 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 completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,397 shares of company stock valued at $20,464,944. 1.99% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Bank of America upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Robert W. Baird lowered their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $3.30 during midday trading on Friday, reaching $268.93. 2,021,784 shares of the company’s stock traded hands, compared to its average volume of 2,129,199. The company has a fifty day simple moving average of $284.47 and a two-hundred day simple moving average of $294.25. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The company has a market cap of $73.64 billion, a P/E ratio of 70.03, a PEG ratio of 3.24 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted 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 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 company earned $0.94 EPS. The firm’s revenue was up 8.6% compared to the same quarter last year. Equities analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

About Cadence Design Systems

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.