Werba Rubin Papier Wealth Management Acquires 413 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Werba Rubin Papier Wealth Management grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,859 shares of the software maker’s stock after buying an additional 413 shares during the period. Werba Rubin Papier Wealth Management’s holdings in Cadence Design Systems were worth $1,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in Cadence Design Systems in the 4th quarter worth approximately $1,141,059,000. Swedbank AB bought a new stake in Cadence Design Systems in the first quarter worth $439,988,000. Principal Financial Group Inc. raised its stake in Cadence Design Systems by 280.1% during the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after purchasing an additional 1,119,824 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after buying an additional 468,195 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after buying an additional 459,603 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 1.3 %

Shares of CDNS stock traded down $3.33 on Friday, hitting $247.52. The stock had a trading volume of 1,740,196 shares, compared to its average volume of 1,720,919. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a one year low of $227.05 and a one year high of $328.99. The business has a 50 day moving average price of $279.11 and a 200 day moving average price of $292.91. The company has a market cap of $67.43 billion, a PE ratio of 64.46, a P/E/G ratio of 3.24 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm 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%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 EPS. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CDNS shares. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research report on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and set 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 for the company in a research note on Tuesday, July 23rd. Bank of America increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target 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 given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $295.00, for a total transaction of $191,750.00. Following the completion of the sale, the vice president now directly owns 66,494 shares in the company, valued at approximately $19,615,730. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00. Following the completion of the transaction, the vice president now owns 66,494 shares in the company, valued at approximately $19,615,730. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the completion of the sale, the director now owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,263 shares of company stock worth $10,892,906. 1.99% of the stock is currently owned by company insiders.

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.