Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Farther Finance Advisors LLC

Farther Finance Advisors LLC increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 60.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,444 shares of the software maker’s stock after purchasing an additional 924 shares during the quarter. Farther Finance Advisors LLC’s holdings in Cadence Design Systems were worth $760,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Gilbert & Cook Inc. grew its position in Cadence Design Systems by 8.3% in the 4th quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock valued at $986,000 after buying an additional 278 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its position in Cadence Design Systems by 41.5% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 6,272 shares of the software maker’s stock valued at $1,708,000 after buying an additional 1,841 shares in the last quarter. Merit Financial Group LLC grew its position in Cadence Design Systems by 153.7% in the 4th quarter. Merit Financial Group LLC now owns 2,808 shares of the software maker’s stock valued at $765,000 after buying an additional 1,701 shares in the last quarter. FourThought Financial Partners LLC bought a new position in Cadence Design Systems in the 4th quarter valued at about $217,000. Finally, Private Advisor Group LLC grew its position 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 valued at $1,491,000 after buying an additional 881 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $295.00, for a total transaction of $191,750.00. Following the completion of the sale, the vice president now directly owns 66,494 shares of the company’s stock, valued at approximately $19,615,730. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $309.09, for a total value of $463,635.00. Following the sale, 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 sold 69,797 shares of company stock valued at $20,292,558 over the last three months. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

CDNS stock opened at $268.93 on Tuesday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a one year low of $227.05 and a one year high of $328.99. The firm has a market capitalization of $73.26 billion, a PE ratio of 70.03, a P/E/G ratio of 3.24 and a beta of 1.03. The firm has a 50-day moving average of $283.67 and a two-hundred day moving average of $294.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the firm earned $0.94 earnings per share. The business’s quarterly revenue was up 8.6% on a year-over-year basis. On average, analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Analyst Ratings Changes

CDNS has been the subject of a number of recent analyst reports. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. 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. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. 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, Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

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.