Candriam S.C.A. Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Candriam S.C.A. raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 372,425 shares of the software maker’s stock after purchasing an additional 22,227 shares during the period. Cadence Design Systems comprises about 0.7% of Candriam S.C.A.’s investment portfolio, making the stock its 28th largest position. Candriam S.C.A. owned about 0.14% of Cadence Design Systems worth $114,608,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Gilbert & Cook Inc. boosted its holdings in shares of Cadence Design Systems by 8.3% during the fourth quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock worth $986,000 after purchasing an additional 278 shares during the last quarter. Private Advisor Group LLC boosted its stake in Cadence Design Systems by 19.2% in the 4th quarter. Private Advisor Group LLC now owns 5,474 shares of the software maker’s stock worth $1,491,000 after buying an additional 881 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in Cadence Design Systems in the 4th quarter valued at about $214,000. Principal Securities Inc. acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at about $948,000. Finally, Lebenthal Global Advisors LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter worth about $245,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

CDNS stock opened at $247.52 on Friday. The firm has a market cap of $67.43 billion, a P/E ratio of 64.46, a price-to-earnings-growth ratio of 3.24 and a beta of 1.03. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The stock has a 50-day simple moving average of $279.11 and a 200-day simple moving average of $292.91.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping 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 analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the business earned $0.94 EPS. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities 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 brokerages recently commented on CDNS. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. KeyCorp upped their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. 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. Bank of America upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Finally, Robert W. Baird reduced their price objective 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 analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the transaction, the director now directly owns 48,051 shares of the company’s stock, valued at approximately $14,852,083.59. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction 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 transaction, the vice president now directly owns 66,494 shares in the company, valued at approximately $19,615,730. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $309.09, for a total transaction of $463,635.00. Following the transaction, the director now directly owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The disclosure for this sale can be found here. Insiders have sold 38,263 shares of company stock valued at $10,892,906 in the last quarter. Company insiders own 1.99% of the company’s stock.

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.