Advisory Resource Group Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Advisory Resource Group purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,802 shares of the software maker’s stock, valued at approximately $657,000.

A number of other institutional investors have also added to or reduced their stakes in CDNS. AllSquare Wealth Management LLC bought a new position in shares of Cadence Design Systems in the first quarter valued at approximately $27,000. Barrett & Company Inc. bought a new position in shares of Cadence Design Systems in the first quarter valued at approximately $30,000. ST Germain D J Co. Inc. bought a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $32,000. AdvisorNet Financial Inc raised its position in Cadence Design Systems by 70.5% in the 1st quarter. AdvisorNet Financial Inc now owns 150 shares of the software maker’s stock worth $32,000 after purchasing an additional 62 shares during the last quarter. Finally, Altshuler Shaham Ltd bought a new position in Cadence Design Systems in the 1st quarter worth approximately $32,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Aneel Zaman sold 271 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $227.85, for a total transaction of $61,747.35. Following the sale, the vice president now directly owns 68,471 shares of the company’s stock, valued at approximately $15,601,117.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO John M. Wall sold 49,104 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $229.09, for a total value of $11,249,235.36. Following the transaction, the chief financial officer now owns 89,550 shares in the company, valued at approximately $20,515,009.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Aneel Zaman sold 271 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $227.85, for a total transaction of $61,747.35. Following the completion of the transaction, the vice president now owns 68,471 shares in the company, valued at approximately $15,601,117.35. The disclosure for this sale can be found here. Insiders have sold 70,511 shares of company stock valued at $16,268,306 in the last three months. 1.99% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CDNS has been the subject of several research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $235.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 25th. KeyCorp lifted their target price on shares of Cadence Design Systems from $270.00 to $290.00 and gave the stock an “overweight” rating in a report on Thursday. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $250.00 to $270.00 and gave the stock an “overweight” rating in a report on Tuesday, July 18th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 target price on shares of Cadence Design Systems in a report on Friday, August 25th. Finally, Bank of America lifted their target price on shares of Cadence Design Systems from $280.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $257.44.

Cadence Design Systems Stock Up 0.6 %

NASDAQ CDNS traded up $1.49 on Monday, reaching $235.57. The company had a trading volume of 74,622 shares, compared to its average volume of 1,731,127. The firm has a market capitalization of $64.03 billion, a price-to-earnings ratio of 71.80, a price-to-earnings-growth ratio of 3.21 and a beta of 1.03. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.26 and a current ratio of 1.37. Cadence Design Systems, Inc. has a 1-year low of $138.76 and a 1-year high of $248.16. The company’s fifty day moving average is $234.76 and its 200-day moving average is $221.95.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 24th. The software maker reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04. The firm had revenue of $977.00 million during the quarter, compared to analyst estimates of $975.99 million. Cadence Design Systems had a net margin of 23.41% and a return on equity of 33.79%. The company’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.85 EPS. On average, research analysts forecast that Cadence Design Systems, Inc. will post 4.1 earnings per share for the current fiscal year.

Cadence Design Systems 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.