Profund Advisors LLC Has $4.06 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Profund Advisors LLC boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,315 shares of the software maker’s stock after buying an additional 2,089 shares during the quarter. Profund Advisors LLC’s holdings in Cadence Design Systems were worth $4,061,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Barrett & Company Inc. bought a new stake in shares of Cadence Design Systems during the first quarter worth approximately $30,000. AdvisorNet Financial Inc lifted its stake in shares of Cadence Design Systems by 70.5% in the 1st quarter. AdvisorNet Financial Inc now owns 150 shares of the software maker’s stock valued at $32,000 after purchasing an additional 62 shares during the period. Altshuler Shaham Ltd acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at $32,000. Zions Bancorporation N.A. boosted its position in shares of Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after purchasing an additional 117 shares during the last quarter. Finally, Activest Wealth Management acquired a new stake in shares of Cadence Design Systems during the second quarter worth $40,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

Insider Activity

In other news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $231.86, for a total value of $279,855.02. Following the completion of the sale, the vice president now directly owns 66,080 shares in the company, valued at approximately $15,321,308.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,523 shares of Cadence Design Systems stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $233.97, for a total transaction of $356,336.31. Following the completion of the transaction, the chief executive officer now owns 144,944 shares in the company, valued at approximately $33,912,547.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $231.86, for a total value of $279,855.02. Following the transaction, the vice president now owns 66,080 shares of the company’s stock, valued at approximately $15,321,308.80. The disclosure for this sale can be found here. Insiders sold a total of 21,279 shares of company stock worth $5,049,575 in the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 0.5 %

Cadence Design Systems stock traded up $1.28 during trading hours on Friday, reaching $268.27. 1,013,487 shares of the company’s stock were exchanged, compared to its average volume of 1,648,150. The company has a quick ratio of 1.31, a current ratio of 1.44 and a debt-to-equity ratio of 0.21. The firm’s 50 day simple moving average is $243.70 and its 200 day simple moving average is $233.62. Cadence Design Systems, Inc. has a twelve month low of $154.88 and a twelve month high of $274.32. The firm has a market capitalization of $72.99 billion, a PE ratio of 76.43, a PEG ratio of 3.31 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 23rd. The software maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.20 by $0.06. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 34.64% and a net margin of 24.42%. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the business posted $0.79 EPS. Research analysts predict that Cadence Design Systems, Inc. will post 4.13 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Bank of America increased their price target on shares of Cadence Design Systems from $285.00 to $305.00 in a research report on Tuesday, October 10th. Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $250.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, October 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $268.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 24th. Morgan Stanley started coverage on Cadence Design Systems in a research note on Friday, November 10th. They issued an “equal weight” rating and a $260.00 target price for the company. Finally, StockNews.com started coverage on Cadence Design Systems in a research report on Thursday, October 5th. They set a “buy” rating on the stock. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $264.50.

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.