Oak Thistle LLC Acquires New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Oak Thistle LLC bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,206 shares of the software maker’s stock, valued at approximately $679,000.

Several other institutional investors and hedge funds have also made changes to their positions in CDNS. Empowered Funds LLC increased its stake in Cadence Design Systems by 223.8% in the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after buying an additional 6,346 shares during the period. Norden Group LLC increased its position in shares of Cadence Design Systems by 1,659.3% during the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after acquiring an additional 12,544 shares during the period. Pinebridge Investments L.P. raised its stake in shares of Cadence Design Systems by 37.5% during the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after acquiring an additional 5,269 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in Cadence Design Systems by 3.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock worth $30,435,000 after purchasing an additional 3,899 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the sale, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 38,263 shares of company stock worth $10,892,906 in the last 90 days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 1.3 %

Shares of NASDAQ:CDNS opened at $247.52 on Monday. The business’s 50-day moving average is $279.11 and its 200 day moving average is $292.93. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The firm has a market capitalization of $67.78 billion, a P/E ratio of 64.46, a P/E/G ratio of 2.98 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the business earned $0.94 EPS. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CDNS. Bank of America upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. KeyCorp increased their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $334.56.

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.