LPL Financial LLC Increases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

LPL Financial LLC raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 348,303 shares of the software maker's stock after buying an additional 22,109 shares during the period. LPL Financial LLC owned about 0.13% of Cadence Design Systems worth $88,584,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Park Square Financial Group LLC purchased a new stake in Cadence Design Systems during the fourth quarter worth $348,000. Merit Financial Group LLC lifted its holdings in Cadence Design Systems by 42.6% during the first quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker's stock worth $805,000 after buying an additional 946 shares during the period. Novem Group lifted its holdings in Cadence Design Systems by 30.3% during the first quarter. Novem Group now owns 4,067 shares of the software maker's stock worth $1,034,000 after buying an additional 945 shares during the period. Seilern Investment Management Ltd purchased a new stake in Cadence Design Systems during the first quarter worth $64,800,000. Finally, Integrated Advisors Network LLC lifted its holdings in Cadence Design Systems by 156.9% during the fourth quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker's stock worth $1,023,000 after buying an additional 2,080 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Buying and Selling

In related news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the transaction, the director owned 8,010 shares in the company, valued at approximately $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James D. Plummer sold 868 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the sale, the director directly owned 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,698 shares of company stock worth $1,126,667. Corporate insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on Cadence Design Systems from $330.00 to $390.00 and gave the company an "overweight" rating in a report on Tuesday. The Goldman Sachs Group began coverage on Cadence Design Systems in a research report on Thursday, July 10th. They set a "buy" rating and a $380.00 target price on the stock. Piper Sandler reiterated a "neutral" rating and issued a $355.00 price objective (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday. Berenberg Bank set a $400.00 price objective on Cadence Design Systems in a report on Wednesday. Finally, Rosenblatt Securities reissued a "neutral" rating and issued a $300.00 target price on shares of Cadence Design Systems in a research note on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $364.33.

Cadence Design Systems Stock Down 2.1%

Shares of NASDAQ:CDNS traded down $7.60 during trading on Friday, hitting $356.97. The company's stock had a trading volume of 2,070,008 shares, compared to its average volume of 2,097,989. The business has a 50 day moving average price of $312.60 and a two-hundred day moving average price of $290.37. The company has a market capitalization of $97.47 billion, a PE ratio of 96.48, a P/E/G ratio of 4.88 and a beta of 0.99. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 2.82. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 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 company's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 earnings per share. As a group, research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.