Federated Hermes Inc. grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 11.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 37,273 shares of the software maker's stock after purchasing an additional 3,873 shares during the quarter. Federated Hermes Inc.'s holdings in Cadence Design Systems were worth $9,480,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Kirtland Hills Capital Management LLC increased its stake in shares of Cadence Design Systems by 5.6% in the 1st quarter. Kirtland Hills Capital Management LLC now owns 865 shares of the software maker's stock valued at $225,000 after acquiring an additional 46 shares in the last quarter. Meeder Asset Management Inc. increased its stake in shares of Cadence Design Systems by 36.5% in the 1st quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock valued at $44,000 after acquiring an additional 46 shares in the last quarter. Fiera Capital Corp increased its stake in shares of Cadence Design Systems by 10.6% in the 1st quarter. Fiera Capital Corp now owns 32,962 shares of the software maker's stock valued at $8,383,000 after acquiring an additional 3,171 shares in the last quarter. Ramirez Asset Management Inc. increased its stake in shares of Cadence Design Systems by 14.6% in the 1st quarter. Ramirez Asset Management Inc. now owns 1,571 shares of the software maker's stock valued at $400,000 after acquiring an additional 200 shares in the last quarter. Finally, LPL Financial LLC increased its stake in shares of Cadence Design Systems by 6.8% in the 1st quarter. LPL Financial LLC now owns 348,303 shares of the software maker's stock valued at $88,584,000 after acquiring an additional 22,109 shares in the last quarter. Institutional investors own 84.85% of the company's stock.
Insider Activity
In related news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the sale, the director directly owned 23,996 shares in the company, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total value of $306,350.00. Following the completion of the sale, the vice president owned 105,499 shares of the company's stock, valued at $32,319,618.65. The trade was a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,698 shares of company stock worth $1,126,667 over the last three months. 0.37% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on the stock. Rosenblatt Securities reiterated a "neutral" rating and issued a $300.00 price objective on shares of Cadence Design Systems in a research note on Friday, July 25th. The Goldman Sachs Group assumed coverage on shares of Cadence Design Systems in a research note on Thursday, July 10th. They set a "buy" rating and a $380.00 price target for the company. JPMorgan Chase & Co. boosted their price target on shares of Cadence Design Systems from $330.00 to $390.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Loop Capital boosted their price target 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. Finally, Stifel Nicolaus boosted their price target on shares of Cadence Design Systems from $350.00 to $395.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and an average price target of $364.33.
View Our Latest Report on CDNS
Cadence Design Systems Price Performance
Shares of Cadence Design Systems stock traded up $7.91 on Monday, reaching $364.88. The stock had a trading volume of 1,841,824 shares, compared to its average volume of 1,982,549. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. The business's 50 day moving average is $313.43 and its two-hundred day moving average is $290.68. The company has a market cap of $99.43 billion, a P/E ratio of 69.32, a price-to-earnings-growth ratio of 4.68 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.
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 for the quarter, beating analysts' consensus estimates of $1.56 by $0.09. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The business's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.28 earnings per share. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.
Cadence Design Systems Profile
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Free Report)
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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