Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Central Asset Investments & Management Holdings HK Ltd

Central Asset Investments & Management Holdings HK Ltd increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 33.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,599 shares of the software maker’s stock after acquiring an additional 1,900 shares during the period. Cadence Design Systems makes up about 0.9% of Central Asset Investments & Management Holdings HK Ltd’s investment portfolio, making the stock its 15th biggest position. Central Asset Investments & Management Holdings HK Ltd’s holdings in Cadence Design Systems were worth $2,339,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. E Fund Management Co. Ltd. grew its holdings in shares of Cadence Design Systems by 20.8% in the 2nd quarter. E Fund Management Co. Ltd. now owns 5,474 shares of the software maker’s stock worth $1,685,000 after acquiring an additional 943 shares during the period. Mutual of America Capital Management LLC grew its holdings in Cadence Design Systems by 8.0% during the 2nd quarter. Mutual of America Capital Management LLC now owns 38,519 shares of the software maker’s stock valued at $11,854,000 after buying an additional 2,849 shares during the last quarter. Virtu Financial LLC grew its holdings in Cadence Design Systems by 471.4% during the 2nd quarter. Virtu Financial LLC now owns 15,622 shares of the software maker’s stock valued at $4,807,000 after buying an additional 12,888 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new stake in Cadence Design Systems during the 2nd quarter valued at $1,330,000. Finally, Menard Financial Group LLC grew its holdings in Cadence Design Systems by 27.5% during the 2nd quarter. Menard Financial Group LLC now owns 2,140 shares of the software maker’s stock valued at $659,000 after buying an additional 461 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling

In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction on 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 transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction on 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 transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 36,113 shares of company stock valued at $10,237,521. 1.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CDNS shares. Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. KeyCorp increased their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Finally, Robert W. Baird reduced their price target on 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. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Trading Up 0.6 %

Shares of Cadence Design Systems stock opened at $274.79 on Wednesday. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The firm has a market cap of $74.86 billion, a PE ratio of 71.56, a P/E/G ratio of 3.19 and a beta of 1.02. The business’s fifty day moving average is $272.06 and its two-hundred day moving average is $291.01. Cadence Design Systems, Inc. has a fifty-two week low of $227.05 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its 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 business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the company posted $0.94 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current 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.