Family CFO Inc Makes New $706,000 Investment in Cadence Design Systems, Inc. $CDNS

Family CFO Inc acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,138 shares of the software maker’s stock, valued at approximately $706,000.

Several other institutional investors have also modified their holdings of CDNS. Van ECK Associates Corp grew its stake in shares of Cadence Design Systems by 21.8% during the second quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock worth $1,835,227,000 after purchasing an additional 874,392 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Cadence Design Systems by 1.5% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock valued at $1,270,704,000 after buying an additional 48,937 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Cadence Design Systems by 1,097.5% in the third quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock valued at $930,522,000 after buying an additional 2,582,812 shares in the last quarter. Legal & General Group Plc acquired a new stake in Cadence Design Systems in the second quarter valued at $702,615,000. Finally, Jupiter Topco LLC purchased a new stake in Cadence Design Systems during the 2nd quarter worth about $688,746,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS opened at $323.75 on Wednesday. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $416.69. The stock has a market cap of $88.83 billion, a PE ratio of 64.36, a price-to-earnings-growth ratio of 3.12 and a beta of 1.10. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18. The firm has a fifty day moving average price of $320.90 and a 200 day moving average price of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.06. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The business’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.93 earnings per share. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CDNS. Mizuho set a $400.00 price objective on Cadence Design Systems in a research report on Tuesday, October 27th. Piper Sandler raised their target price on Cadence Design Systems from $325.00 to $349.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. Oppenheimer restated a “market perform” rating and set a $300.00 target price (up from $275.00) on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $420.00 price target (up from $400.00) on shares of Cadence Design Systems in a report on Wednesday, October 7th. Finally, Wall Street Zen upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $410.05.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 2,000 shares of the company’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $324.13, for a total value of $648,260.00. Following the completion of the sale, the vice president directly owned 119,612 shares of the company’s stock, valued at $38,769,837.56. This represents a 1.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $350.07, for a total value of $437,587.50. Following the transaction, the director owned 39,544 shares in the company, valued at $13,843,168.08. This represents a 3.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 8,960 shares of company stock valued at $2,834,139 over the last quarter. Company insiders own 0.49% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.