Cheviot Value Management LLC Purchases New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Cheviot Value Management LLC has acquired a new stake in Cadence Design Systems, purchasing 2,306 shares valued at approximately $586,000.
• Cadence Design Systems' shares saw a 2.1% decrease recently, but the company reported a 20.2% year-over-year revenue growth during its latest earnings report.
• Analysts have a consensus rating of "Moderate Buy" for Cadence Design Systems, with an average price target of $364.33.

Cheviot Value Management LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,306 shares of the software maker's stock, valued at approximately $586,000.

Several other institutional investors have also recently made changes to their positions in the company. Smallwood Wealth Investment Management LLC bought a new position in Cadence Design Systems in the first quarter worth approximately $25,000. Valley National Advisers Inc. grew its holdings 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 worth $28,000 after purchasing an additional 99 shares during the last quarter. Ancora Advisors LLC increased its position in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after buying an additional 112 shares in the last quarter. Meeder Asset Management Inc. raised its position 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 purchasing an additional 46 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC lifted its stake in shares of Cadence Design Systems by 147.3% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock worth $47,000 after buying an additional 109 shares during the period. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Trading Down 1.5%

CDNS stock traded down $5.23 during mid-day trading on Thursday, reaching $354.94. 483,938 shares of the stock traded hands, compared to its average volume of 2,075,235. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The stock's fifty day moving average is $315.17 and its 200-day moving average is $291.58. 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 company has a market cap of $96.72 billion, a P/E ratio of 95.65, a P/E/G ratio of 4.73 and a beta of 0.97.

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 analyst estimates of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. Cadence Design Systems's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company earned $1.28 earnings per share. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems 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 $2,435,040. The trade was a 2.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James D. Plummer sold 868 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the transaction, the director directly owned 23,996 shares of the company's stock, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,698 shares of company stock valued at $1,485,387. Insiders own 1.99% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on CDNS shares. JPMorgan Chase & Co. raised their target price on shares of Cadence Design Systems from $330.00 to $390.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Needham & Company LLC lifted their price objective on Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Loop Capital raised their price objective on Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Piper Sandler reaffirmed a "neutral" rating and issued a $355.00 price target (up previously from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. Finally, Stifel Nicolaus raised their price target on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and an average price target of $364.33.

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.