Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Truist Financial Corp

Truist Financial Corp increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 321,015 shares of the software maker’s stock after purchasing an additional 13,972 shares during the quarter. Truist Financial Corp owned about 0.12% of Cadence Design Systems worth $98,792,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Market Strategies LLC boosted its stake in Cadence Design Systems by 3.1% during the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after buying an additional 39 shares in the last quarter. Inspire Advisors LLC boosted its position in shares of Cadence Design Systems by 1.8% during the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock valued at $694,000 after purchasing an additional 40 shares in the last quarter. Wealthcare Advisory Partners LLC raised its holdings in shares of Cadence Design Systems by 4.5% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after purchasing an additional 41 shares in the last quarter. First Affirmative Financial Network lifted its stake in Cadence Design Systems by 3.6% during the first quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after purchasing an additional 46 shares during the last quarter. Finally, Gilbert & Cook Inc. boosted its holdings in Cadence Design Systems by 1.3% during the first quarter. Gilbert & Cook Inc. now owns 3,666 shares of the software maker’s stock worth $1,141,000 after buying an additional 47 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 2.8 %

CDNS stock opened at $263.32 on Wednesday. The company has a 50 day moving average of $266.72 and a two-hundred day moving average of $288.42. The company has a market cap of $71.73 billion, a price-to-earnings ratio of 68.57, a PEG ratio of 3.30 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $227.77 and a 12-month high of $328.99. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the company earned $0.94 earnings per share. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $26,366,954.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the transaction, the director now owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,672 shares of company stock valued at $7,590,312. 1.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CDNS. Robert W. Baird dropped their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. KeyCorp upped their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Piper Sandler raised 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 note on Tuesday, August 6th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $323.60.

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.