Benjamin Edwards Inc. Buys 2,000 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Benjamin Edwards Inc. increased its stake in Cadence Design Systems by 9.3%, acquiring an additional 2,000 shares, bringing their total holdings to 23,523 shares valued at approximately $5.98 million.
• A majority of 84.85% of Cadence Design Systems' stock is now owned by institutional investors, with notable increases in stakes from firms such as GAMMA Investing LLC (up 31,049.1%) and Jennison Associates LLC (up 13.2%).
• Cadence Design Systems recently reported $1.65 EPS for the last quarter, exceeding estimates by $0.09, with revenue reaching $1.28 billion, marking a 20.2% year-over-year increase.

Benjamin Edwards Inc. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 9.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 23,523 shares of the software maker's stock after purchasing an additional 2,000 shares during the quarter. Benjamin Edwards Inc.'s holdings in Cadence Design Systems were worth $5,983,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in Cadence Design Systems by 31,049.1% in the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after buying an additional 1,214,330 shares in the last quarter. Jennison Associates LLC increased its stake in Cadence Design Systems by 13.2% in the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock worth $2,305,489,000 after buying an additional 1,054,702 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Cadence Design Systems by 25.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock worth $882,655,000 after buying an additional 601,834 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Cadence Design Systems by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock valued at $6,698,834,000 after purchasing an additional 429,955 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cadence Design Systems by 10.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker's stock valued at $1,326,912,000 after purchasing an additional 427,418 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on CDNS shares. Wall Street Zen downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $365.00 to $405.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. JPMorgan Chase & Co. increased their price objective on shares of Cadence Design Systems from $330.00 to $390.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. The Goldman Sachs Group started coverage on shares of Cadence Design Systems in a report on Thursday, July 10th. They set a "buy" rating and a $380.00 price objective for the company. Finally, Bank of America increased their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $364.33.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the sale, the director owned 8,010 shares of the company's stock, valued at $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $358.72, for a total transaction of $358,720.00. Following the transaction, the vice president directly owned 104,499 shares in the company, valued at approximately $37,485,881.28. This trade represents a 0.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,698 shares of company stock valued at $1,485,387 over the last 90 days. Insiders own 0.37% of the company's stock.

Cadence Design Systems Stock Down 0.6%

Shares of NASDAQ CDNS opened at $352.06 on Monday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. The company has a market cap of $95.93 billion, a P/E ratio of 95.15, a PEG ratio of 4.62 and a beta of 0.97. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The firm has a 50-day simple moving average of $319.34 and a two-hundred day simple moving average of $292.24.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.09. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.28 earnings per share. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.