Callan Family Office LLC Grows Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Callan Family Office LLC increased its stake in Cadence Design Systems by 74.2% during the first quarter, ending with a total of 5,266 shares valued at approximately $1,339,000.
• Multiple institutional investors have made significant adjustments to their positions in Cadence Design Systems, with a notable 80.2% increase in stake by Brighton Jones LLC during the fourth quarter.
• Analysts have mixed views on Cadence Design Systems, with target prices ranging from $300.00 to $405.00 and an overall rating of “Moderate Buy” according to MarketBeat consensus.

Callan Family Office LLC boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 74.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,266 shares of the software maker's stock after buying an additional 2,243 shares during the period. Callan Family Office LLC's holdings in Cadence Design Systems were worth $1,339,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Cadence Design Systems by 1.7% during the first quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock valued at $6,698,834,000 after buying an additional 429,955 shares during the period. Jennison Associates LLC lifted its stake in Cadence Design Systems by 13.2% during the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock worth $2,305,489,000 after purchasing an additional 1,054,702 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Cadence Design Systems by 10.7% during the fourth 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 worth $1,326,912,000 after purchasing an additional 427,418 shares during the last quarter. Northern Trust Corp lifted its stake in Cadence Design Systems by 16.1% during the fourth quarter. Northern Trust Corp now owns 3,032,957 shares of the software maker's stock worth $911,282,000 after purchasing an additional 421,507 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Cadence Design Systems by 25.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock worth $882,655,000 after purchasing an additional 601,834 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CDNS shares. The Goldman Sachs Group started coverage on 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. Robert W. Baird lifted their price target on Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Bank of America lifted their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. boosted their target price on Cadence Design Systems from $330.00 to $390.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, KeyCorp boosted their target price on Cadence Design Systems from $358.00 to $405.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. One equities 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 company's stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus target price of $364.33.

Cadence Design Systems Stock Up 0.3%

Shares of CDNS traded up $0.96 on Friday, reaching $349.88. The stock had a trading volume of 1,567,384 shares, compared to its average volume of 2,055,325. The firm has a market capitalization of $95.34 billion, a price-to-earnings ratio of 94.56, a price-to-earnings-growth ratio of 4.58 and a beta of 0.97. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. The company has a 50-day simple moving average of $324.89 and a 200-day simple moving average of $294.01. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month 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 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.09. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.28 EPS. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the transaction, the director directly owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $358.72, for a total value of $358,720.00. Following the completion of the transaction, the vice president directly owned 104,499 shares in the company, 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 3,830 shares of company stock worth $1,207,671 in the last 90 days. 1.99% of the stock is currently 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.