Cerity Partners LLC Raises Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cerity Partners LLC grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) by 85.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,203 shares of the software maker’s stock after buying an additional 1,473 shares during the quarter. Cerity Partners LLC’s holdings in Cadence Design Systems were worth $481,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CDNS. San Luis Wealth Advisors LLC bought a new position in shares of Cadence Design Systems during the first quarter valued at approximately $28,000. SeaCrest Wealth Management LLC bought a new position in shares of Cadence Design Systems during the second quarter valued at approximately $29,000. MV Capital Management Inc. grew its stake in shares of Cadence Design Systems by 74.1% during the first quarter. MV Capital Management Inc. now owns 188 shares of the software maker’s stock valued at $31,000 after buying an additional 80 shares during the last quarter. Zions Bancorporation N.A. grew its stake in shares of Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after buying an additional 117 shares during the last quarter. Finally, J.W. Cole Advisors Inc. bought a new position in shares of Cadence Design Systems during the first quarter valued at approximately $39,000. Institutional investors own 84.02% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of a number of analyst reports. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Wednesday. Wolfe Research initiated coverage on Cadence Design Systems in a research note on Tuesday, August 16th. They issued an “outperform” rating and a $210.00 price objective on the stock. Rosenblatt Securities dropped their price objective on Cadence Design Systems from $185.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, October 24th. Robert W. Baird dropped their price objective on Cadence Design Systems from $204.00 to $198.00 in a research note on Tuesday, October 25th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Cadence Design Systems in a research note on Wednesday, September 28th. They issued a “buy” rating and a $200.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $192.75.

Cadence Design Systems Stock Down 0.0 %

Shares of NASDAQ CDNS opened at $165.02 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $45.27 billion, a PE ratio of 58.11, a price-to-earnings-growth ratio of 2.73 and a beta of 1.07. The stock’s fifty day simple moving average is $158.87 and its two-hundred day simple moving average is $160.99. Cadence Design Systems, Inc. has a 12-month low of $132.32 and a 12-month high of $194.97.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last issued its quarterly earnings data on Monday, October 24th. The software maker reported $1.06 EPS for the quarter, beating the consensus estimate of $0.96 by $0.10. Cadence Design Systems had a return on equity of 33.19% and a net margin of 22.86%. The firm had revenue of $902.55 million during the quarter, compared to analyst estimates of $868.85 million. During the same quarter in the prior year, the business posted $0.65 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, analysts expect that Cadence Design Systems, Inc. will post 3.41 EPS for the current fiscal year.

Insider Activity

In other news, VP Paul Cunningham sold 250 shares of the stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $168.39, for a total transaction of $42,097.50. Following the completion of the sale, the vice president now owns 94,189 shares in the company, valued at approximately $15,860,485.71. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP Paul Cunningham sold 250 shares of the stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $168.39, for a total transaction of $42,097.50. Following the completion of the sale, the vice president now owns 94,189 shares in the company, valued at approximately $15,860,485.71. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Aneel Zaman sold 1,409 shares of the firm’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $184.42, for a total value of $259,847.78. Following the completion of the transaction, the vice president now owns 92,284 shares of the company’s stock, valued at approximately $17,019,015.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 201,889 shares of company stock worth $32,631,433. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Company Profile

(Get Rating)

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.

Recommended Stories

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.