Dynamic Advisor Solutions LLC Buys 313 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dynamic Advisor Solutions LLC grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,613 shares of the software maker’s stock after buying an additional 313 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in Cadence Design Systems were worth $919,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CDNS. Opal Wealth Advisors LLC acquired a new stake in shares of Cadence Design Systems during the first quarter worth $78,000. BNC Wealth Management LLC raised its holdings in shares of Cadence Design Systems by 0.8% during the first quarter. BNC Wealth Management LLC now owns 23,105 shares of the software maker’s stock worth $5,876,000 after acquiring an additional 174 shares during the period. Azzad Asset Management Inc. ADV acquired a new stake in shares of Cadence Design Systems during the first quarter worth $5,251,000. Marshall Financial Group LLC raised its holdings in shares of Cadence Design Systems by 1.2% during the first quarter. Marshall Financial Group LLC now owns 4,801 shares of the software maker’s stock worth $1,221,000 after acquiring an additional 55 shares during the period. Finally, GraniteShares Advisors LLC raised its holdings in shares of Cadence Design Systems by 6.1% during the first quarter. GraniteShares Advisors LLC now owns 3,547 shares of the software maker’s stock worth $902,000 after acquiring an additional 203 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Loop Capital dropped their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their target price for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Mizuho raised their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Finally, Bank of America raised their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $325.23.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $299.00 on Wednesday. The firm has a 50-day moving average of $294.66 and a 200-day moving average of $287.16. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The company has a market cap of $81.64 billion, a PE ratio of 75.70, a price-to-earnings-growth ratio of 4.17 and a beta of 0.98. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm posted $1.17 EPS. The company’s quarterly revenue was up 23.1% on a year-over-year basis. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the sale, the director now owns 7,411 shares of the company’s stock, valued at approximately $2,038,025. The trade was a 2.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares of the company’s stock, valued at $27,486,979.36. The trade was a 0.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,625 shares of company stock valued at $5,972,453. Company insiders own 0.37% of the company’s stock.

Cadence Design Systems Company 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.