Nwam LLC Sells 70 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Nwam LLC cut its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.1% during the 1st quarter, HoldingsChannel.com reports. The firm owned 922 shares of the software maker’s stock after selling 70 shares during the quarter. Nwam LLC’s holdings in Cadence Design Systems were worth $262,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Parkside Financial Bank & Trust lifted its stake in Cadence Design Systems by 8.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after purchasing an additional 38 shares in the last quarter. Highview Capital Management LLC DE lifted its stake in Cadence Design Systems by 0.8% in the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after purchasing an additional 39 shares in the last quarter. Fiduciary Trust Co lifted its stake in Cadence Design Systems by 0.6% in the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after purchasing an additional 39 shares in the last quarter. GraniteShares Advisors LLC lifted its stake in Cadence Design Systems by 1.2% in the 1st quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock worth $1,080,000 after purchasing an additional 40 shares in the last quarter. Finally, Inspire Advisors LLC lifted its stake in Cadence Design Systems by 1.8% in the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after purchasing an additional 40 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on CDNS shares. KeyCorp raised their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a research report on Tuesday, July 2nd. Piper Sandler restated a “neutral” rating and set a $318.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, July 10th. Bank of America raised their price objective on shares of 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, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $334.89.

Cadence Design Systems Trading Up 0.8 %

Cadence Design Systems stock traded up $2.12 during trading hours on Friday, reaching $279.95. The stock had a trading volume of 2,607,527 shares, compared to its average volume of 1,519,109. The stock has a market cap of $76.26 billion, a PE ratio of 72.90, a PEG ratio of 3.40 and a beta of 1.03. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The company has a fifty day simple moving average of $302.82 and a 200-day simple moving average of $297.37.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.02 EPS. Analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the sale, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock valued at $14,987,093 in the last quarter. Insiders own 1.99% of the company’s stock.

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.