446 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by Crewe Advisors LLC

Crewe Advisors LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 446 shares of the software maker’s stock, valued at approximately $139,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Ossiam boosted its holdings in shares of Cadence Design Systems by 15.2% during the 1st quarter. Ossiam now owns 286,158 shares of the software maker’s stock worth $89,075,000 after buying an additional 37,814 shares during the period. Natixis Investment Managers International raised its position in shares of Cadence Design Systems by 11.9% in the 1st quarter. Natixis Investment Managers International now owns 858 shares of the software maker’s stock valued at $267,000 after buying an additional 91 shares in the last quarter. Pitcairn Co. raised its position in shares of Cadence Design Systems by 2.8% in the 1st quarter. Pitcairn Co. now owns 9,862 shares of the software maker’s stock valued at $3,070,000 after buying an additional 265 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Cadence Design Systems during the 1st quarter worth approximately $26,030,000. Finally, CANADA LIFE ASSURANCE Co increased its position in Cadence Design Systems by 0.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 384,895 shares of the software maker’s stock worth $119,856,000 after purchasing an additional 3,406 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CDNS shares. Bank of America upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Piper Sandler reissued a “neutral” rating and set a $318.00 target price on shares of Cadence Design Systems in a report on Wednesday, July 10th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday. Finally, KeyCorp boosted 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. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Stock Down 3.0 %

NASDAQ CDNS traded down $7.96 on Thursday, hitting $258.38. 3,482,333 shares of the company were exchanged, compared to its average volume of 1,616,895. The company has a market cap of $70.39 billion, a PE ratio of 67.29, a PEG ratio of 3.46 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The stock has a fifty day moving average of $301.72 and a 200-day moving average of $297.83. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) 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 net margin of 25.36% and a return on equity of 31.52%. Cadence Design Systems’s revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.94 earnings per share. As a group, analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now owns 67,144 shares in the company, valued at $18,488,771.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the sale, the vice president now owns 67,144 shares in the company, valued at $18,488,771.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total transaction of $430,710.00. Following the completion of the sale, the director now owns 49,551 shares of the company’s stock, valued at approximately $14,228,074.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,134 shares of company stock worth $14,987,093. Insiders own 1.99% of the company’s stock.

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.