Farther Finance Advisors LLC Acquires 1,079 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Farther Finance Advisors LLC increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 37.2% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 3,981 shares of the software maker’s stock after buying an additional 1,079 shares during the quarter. Farther Finance Advisors LLC’s holdings in Cadence Design Systems were worth $1,030,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Wesbanco Bank Inc. lifted its position in shares of Cadence Design Systems by 2.6% during the 1st quarter. Wesbanco Bank Inc. now owns 2,407 shares of the software maker’s stock valued at $612,000 after buying an additional 61 shares in the last quarter. Capital Investment Advisors LLC increased its stake in Cadence Design Systems by 8.1% in the 1st quarter. Capital Investment Advisors LLC now owns 6,883 shares of the software maker’s stock worth $1,750,000 after acquiring an additional 516 shares during the last quarter. Seilern Investment Management Ltd bought a new stake in Cadence Design Systems in the 1st quarter worth approximately $64,800,000. Whitaker Myers Wealth Managers LTD. bought a new stake in Cadence Design Systems in the 1st quarter worth approximately $403,000. Finally, UMB Bank n.a. increased its position in shares of Cadence Design Systems by 22.9% during the 1st quarter. UMB Bank n.a. now owns 1,040 shares of the software maker’s stock valued at $265,000 after purchasing an additional 194 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Up 0.2%

Shares of CDNS stock opened at $307.85 on Friday. The stock’s 50-day simple moving average is $291.22 and its 200-day simple moving average is $287.43. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm has a market capitalization of $84.06 billion, a PE ratio of 79.75, a P/E/G ratio of 3.88 and a beta of 0.99. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Cadence Design Systems’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period last year, the company earned $1.17 earnings per share. Equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on CDNS. Mizuho boosted their target price on Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Bank of America increased their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Oppenheimer dropped their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Wells Fargo & Company upped their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Finally, Piper Sandler upped their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $325.23.

Insider Buying and Selling

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the sale, the director now directly owns 8,010 shares of the company’s stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the sale, the vice president now directly owns 108,799 shares in the company, valued at $27,486,979.36. This represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,625 shares of company stock valued at $5,670,453 over the last ninety days. Company insiders own 0.37% of the company’s stock.

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.