Spire Wealth Management Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Spire Wealth Management grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,748 shares of the software maker’s stock after purchasing an additional 2,104 shares during the quarter. Spire Wealth Management’s holdings in Cadence Design Systems were worth $9,449,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ulland Investment Advisors LLC purchased a new stake in shares of Cadence Design Systems during the 1st quarter valued at about $25,000. RiverPark Advisors LLC purchased a new stake 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 acquiring an additional 82 shares in the last quarter. Annapolis Financial Services LLC purchased a new stake 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. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 1.2 %

CDNS stock traded up $3.30 during trading on Friday, reaching $268.93. 2,021,784 shares of the company traded hands, compared to its average volume of 2,129,199. Cadence Design Systems, Inc. has a 12 month low of $227.05 and a 12 month high of $328.99. The business has a 50 day simple moving average of $284.47 and a 200 day simple moving average of $294.25. The company has a market capitalization of $73.64 billion, a price-to-earnings ratio of 70.03, a price-to-earnings-growth ratio of 3.24 and a beta of 1.03. 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 (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned $0.94 earnings per share. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Bank of America upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Finally, KeyCorp increased their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Insider Buying and Selling

In related news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Karna Nisewaner sold 1,213 shares of Cadence Design Systems stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $279.49, for a total transaction of $339,021.37. Following the completion of the transaction, the senior vice president now directly owns 17,617 shares in the company, valued at $4,923,775.33. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The disclosure for this sale can be found here. Insiders sold 70,397 shares of company stock valued at $20,464,944 over the last quarter. 1.99% of the stock is currently owned by company insiders.

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.