LGT Group Foundation Purchases 214 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

LGT Group Foundation increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,850 shares of the software maker’s stock after purchasing an additional 214 shares during the period. LGT Group Foundation’s holdings in Cadence Design Systems were worth $2,251,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Legacy Capital Wealth Partners LLC grew its holdings in Cadence Design Systems by 2.8% during the first quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker’s stock worth $309,000 after buying an additional 33 shares in the last quarter. Empower Advisory Group LLC lifted its holdings in Cadence Design Systems by 4.1% during the first quarter. Empower Advisory Group LLC now owns 911 shares of the software maker’s stock worth $232,000 after acquiring an additional 36 shares during the period. Principal Street Partners LLC lifted its holdings in Cadence Design Systems by 2.6% during the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker’s stock worth $437,000 after acquiring an additional 37 shares during the period. Greenleaf Trust lifted its holdings in Cadence Design Systems by 0.7% during the first quarter. Greenleaf Trust now owns 5,802 shares of the software maker’s stock worth $1,476,000 after acquiring an additional 39 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Cadence Design Systems by 3.9% during the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,072 shares of the software maker’s stock worth $285,000 after acquiring an additional 40 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 1.3%

Shares of CDNS stock opened at $353.61 on Wednesday. The company’s fifty day simple moving average is $321.68 and its two-hundred day simple moving average is $292.87. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The stock has a market capitalization of $96.36 billion, a price-to-earnings ratio of 95.57, a PEG ratio of 4.58 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the firm posted $1.28 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director owned 8,010 shares of the company’s stock, valued at $2,435,040. The trade was a 2.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James D. Plummer sold 868 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the transaction, the director directly owned 23,996 shares of the company’s stock, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,698 shares of company stock valued at $1,485,387 in the last 90 days. 0.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Needham & Company LLC lifted their price target on Cadence Design Systems from $325.00 to $390.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. KeyCorp lifted their price target on Cadence Design Systems from $358.00 to $405.00 and gave the stock an “overweight” rating in a report on Tuesday, July 29th. Robert W. Baird lifted their price target on Cadence Design Systems from $340.00 to $380.00 and gave the stock an “outperform” rating in a report on Monday, July 28th. Loop Capital lifted their price target on Cadence Design Systems from $370.00 to $390.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. Finally, The Goldman Sachs Group began coverage on Cadence Design Systems in a report on Thursday, July 10th. They set a “buy” rating and a $380.00 price target on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $364.33.

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.