Menard Financial Group LLC Has $659,000 Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Menard Financial Group LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 27.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,140 shares of the software maker’s stock after acquiring an additional 461 shares during the quarter. Menard Financial Group LLC’s holdings in Cadence Design Systems were worth $659,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after purchasing an additional 437,101 shares during the period. Jennison Associates LLC lifted its position in shares of Cadence Design Systems by 6.9% in the first 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 during the last quarter. Norges Bank bought a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $1,141,059,000. Van ECK Associates Corp increased its holdings in shares of Cadence Design Systems by 10.5% during the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after acquiring an additional 209,301 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after acquiring an additional 145,351 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 19,280 shares in the company, valued at approximately $5,933,420. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $17,226,148.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the transaction, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The disclosure for this sale can be found here. Insiders have sold 36,113 shares of company stock worth $10,237,521 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.4 %

Shares of CDNS stock opened at $268.72 on Monday. The stock has a market cap of $73.58 billion, a P/E ratio of 69.98, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The stock has a 50 day simple moving average of $273.76 and a 200 day simple moving average of $291.51.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the company posted $0.94 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. 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 equities analysts have commented on CDNS shares. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Bank of America upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, KeyCorp increased their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

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.