Resources Investment Advisors LLC. Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Posted by Defense World Staff on Aug 25th, 2023

Resources Investment Advisors LLC. bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,120 shares of the software maker’s stock, valued at approximately $235,000.

Other hedge funds have also recently modified their holdings of the company. Jennison Associates LLC increased its position in shares of Cadence Design Systems by 366.0% during the 1st quarter. Jennison Associates LLC now owns 4,845,286 shares of the software maker’s stock valued at $1,017,946,000 after purchasing an additional 3,805,627 shares during the last quarter. Norges Bank purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $770,945,000. Alliancebernstein L.P. increased its position in shares of Cadence Design Systems by 620.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after purchasing an additional 2,543,966 shares during the last quarter. Morgan Stanley increased its position in shares of Cadence Design Systems by 38.6% during the 4th quarter. Morgan Stanley now owns 2,807,404 shares of the software maker’s stock valued at $450,982,000 after purchasing an additional 782,517 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in Cadence Design Systems by 4.5% in the 4th quarter. Franklin Resources Inc. now owns 2,792,761 shares of the software maker’s stock worth $448,629,000 after acquiring an additional 119,227 shares in the last quarter. Institutional investors own 83.62% of the company’s stock.

Cadence Design Systems Stock Down 2.4 %

CDNS stock opened at $228.04 on Friday. The firm has a market cap of $61.98 billion, a PE ratio of 69.95, a PEG ratio of 3.01 and a beta of 1.04. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.26 and a current ratio of 1.37. The firm’s 50 day moving average price is $231.73 and its 200-day moving average price is $216.19. Cadence Design Systems, Inc. has a one year low of $138.76 and a one year high of $248.16.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last released its quarterly earnings results on Monday, July 24th. The software maker reported $1.22 EPS for the quarter, beating the consensus estimate of $1.18 by $0.04. The firm had revenue of $977.00 million for the quarter, compared to analyst estimates of $975.99 million. Cadence Design Systems had a net margin of 23.41% and a return on equity of 33.79%. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.85 EPS. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.1 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 12,858 shares of the company’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $239.54, for a total transaction of $3,080,005.32. Following the sale, the vice president now owns 126,165 shares of the company’s stock, valued at $30,221,564.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Chin-Chi Teng sold 12,858 shares of the company’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $239.54, for a total value of $3,080,005.32. Following the completion of the sale, the vice president now directly owns 126,165 shares of the company’s stock, valued at $30,221,564.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John M. Wall sold 49,104 shares of the stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $229.09, for a total transaction of $11,249,235.36. Following the transaction, the chief financial officer now directly owns 89,550 shares of the company’s stock, valued at $20,515,009.50. The disclosure for this sale can be found here. Insiders have sold a total of 76,639 shares of company stock valued at $17,745,716 over the last quarter. 1.99% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CDNS shares. Bank of America increased their target price on shares of Cadence Design Systems from $280.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. Stifel Nicolaus raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and increased their price objective for the company from $210.00 to $300.00 in a report on Thursday, July 20th. Rosenblatt Securities increased their price objective on shares of Cadence Design Systems from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday, July 21st. Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $250.00 to $270.00 and gave the company an “overweight” rating in a report on Tuesday, July 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $235.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 25th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $255.22.

Read Our Latest Stock Report on CDNS

Cadence Design Systems Profile

(Free Report)

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.