Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Townsquare Capital LLC

Key Points

• Townsquare Capital LLC increased its stake in Cadence Design Systems by 15.8% during the 1st quarter, owning 5,867 shares valued at approximately $1.49 million.
• Several hedge funds acquired new positions or increased their stakes in Cadence Design Systems, showing strong institutional interest, with 84.85% of the stock now held by institutional investors.
• Research analysts have set new price targets for Cadence Design Systems, with recommendations ranging from "sell" to "buy," and an average target price of $364.33.

Townsquare Capital LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 15.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,867 shares of the software maker's stock after acquiring an additional 799 shares during the quarter. Townsquare Capital LLC's holdings in Cadence Design Systems were worth $1,492,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. Smallwood Wealth Investment Management LLC acquired a new position in Cadence Design Systems in the first quarter valued at $25,000. Costello Asset Management INC acquired a new position in Cadence Design Systems in the first quarter valued at $25,000. Valley National Advisers Inc. increased its stake in Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after purchasing an additional 99 shares during the period. Ancora Advisors LLC increased its stake in Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after purchasing an additional 112 shares during the period. Finally, Meeder Asset Management Inc. increased its stake in Cadence Design Systems by 36.5% in the first quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock valued at $44,000 after purchasing an additional 46 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Loop Capital lifted their price objective on shares of Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Wells Fargo & Company lifted their target price 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. Piper Sandler reaffirmed a "neutral" rating and issued a $355.00 target price (up previously from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $300.00 target price on shares of Cadence Design Systems in a report on Friday, July 25th. Finally, Stifel Nicolaus lifted their target price on shares of Cadence Design Systems from $350.00 to $395.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $364.33.

Cadence Design Systems Price Performance

CDNS opened at $349.12 on Thursday. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The company has a 50 day moving average of $322.77 and a two-hundred day moving average of $293.26. The company has a market cap of $95.13 billion, a P/E ratio of 94.36, a P/E/G ratio of 4.64 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released 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. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the firm earned $1.28 earnings per share. Cadence Design Systems's revenue for the quarter was up 20.2% on a year-over-year basis. On average, analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction on 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 transaction, the director directly owned 8,010 shares in the company, valued at approximately $2,435,040. This 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 can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $358.72, for a total transaction of $358,720.00. Following the completion of the transaction, the vice president owned 104,499 shares of the company's stock, valued at $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 worth $1,485,387 over the last ninety days. 1.99% of the stock is owned by company insiders.

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.

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