Rathbones Group PLC Buys 101,001 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Rathbones Group PLC increased its stake in Cadence Design Systems by 21.6%, now owning approximately 569,190 shares valued at around $144.76 million as of the latest SEC filing.
• A number of institutional investors, including GAMMA Investing LLC and Nuveen LLC, have also significantly increased their holdings in Cadence Design Systems, highlighting a trend of strong investment interest.
• Cadence Design Systems reported a quarterly earnings of $1.65 EPS, surpassing analyst expectations, with a revenue of $1.28 billion indicating a 20.2% year-over-year increase.

Rathbones Group PLC boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 21.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 569,190 shares of the software maker's stock after purchasing an additional 101,001 shares during the quarter. Rathbones Group PLC owned about 0.21% of Cadence Design Systems worth $144,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Brighton Jones LLC increased its stake in shares of Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after buying an additional 676 shares during the period. Highview Capital Management LLC DE increased its stake in shares of Cadence Design Systems by 2.7% in the fourth quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock worth $1,894,000 after buying an additional 163 shares during the period. Townsquare Capital LLC increased its stake in shares of Cadence Design Systems by 8.7% in the fourth quarter. Townsquare Capital LLC now owns 5,068 shares of the software maker's stock worth $1,523,000 after buying an additional 404 shares during the period. Sagespring Wealth Partners LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth $642,000. Finally, Summit Investment Advisors Inc. increased its stake in shares of Cadence Design Systems by 3.5% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,398 shares of the software maker's stock worth $3,425,000 after buying an additional 386 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Up 0.3%

Cadence Design Systems stock traded up $0.96 during mid-day trading on Friday, reaching $349.88. The stock had a trading volume of 1,567,101 shares, compared to its average volume of 2,055,322. The company has a market capitalization of $95.34 billion, a price-to-earnings ratio of 94.56, a PEG ratio of 4.58 and a beta of 0.97. The company has a 50-day moving average price of $323.83 and a two-hundred day moving average price of $293.66. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. The company had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. Cadence Design Systems's revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.28 EPS. On average, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Bank of America lifted their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Wall Street Zen downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Piper Sandler reissued a "neutral" rating and set a $355.00 price objective (up from $328.00) on shares of Cadence Design Systems in a research report on Tuesday, July 29th. Rosenblatt Securities reissued a "neutral" rating and set a $300.00 price objective on shares of Cadence Design Systems in a research report on Friday, July 25th. Finally, Berenberg Bank set a $400.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $364.33.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director owned 8,010 shares in the company, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $358.72, for a total transaction of $358,720.00. Following the transaction, the vice president owned 104,499 shares in the company, valued at $37,485,881.28. This represents a 0.95% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,830 shares of company stock worth $1,207,671. 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.