Principal Securities Inc. Increases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Principal Securities Inc. raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,732 shares of the software maker’s stock after acquiring an additional 1,253 shares during the period. Principal Securities Inc.’s holdings in Cadence Design Systems were worth $2,638,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norden Group LLC grew its position in Cadence Design Systems by 25.0% during the 1st quarter. Norden Group LLC now owns 945 shares of the software maker’s stock valued at $294,000 after purchasing an additional 189 shares during the last quarter. Private Advisor Group LLC grew its holdings in shares of Cadence Design Systems by 1.1% during the first quarter. Private Advisor Group LLC now owns 5,532 shares of the software maker’s stock valued at $1,722,000 after buying an additional 58 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Cadence Design Systems by 1.1% during the first quarter. Janney Montgomery Scott LLC now owns 73,366 shares of the software maker’s stock valued at $22,837,000 after acquiring an additional 780 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its holdings in Cadence Design Systems by 3.5% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,885 shares of the software maker’s stock worth $2,143,000 after acquiring an additional 234 shares during the last quarter. Finally, Pittenger & Anderson Inc. lifted its position in Cadence Design Systems by 6.1% in the 1st quarter. Pittenger & Anderson Inc. now owns 3,058 shares of the software maker’s stock valued at $952,000 after acquiring an additional 175 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Trading Up 2.2 %

Shares of Cadence Design Systems stock opened at $282.09 on Friday. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company’s fifty day simple moving average is $267.18 and its 200-day simple moving average is $281.73. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 1.32. The stock has a market capitalization of $77.24 billion, a PE ratio of 74.04, a P/E/G ratio of 3.55 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the transaction, the director now directly owns 42,051 shares in the company, valued at $11,928,186.66. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP Karna Nisewaner sold 1,213 shares of Cadence Design Systems stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $279.49, for a total transaction of $339,021.37. Following the sale, the senior vice president now owns 17,617 shares of the company’s stock, valued at approximately $4,923,775.33. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the transaction, the director now owns 42,051 shares of the company’s stock, valued at $11,928,186.66. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,697 shares of company stock worth $7,555,216. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CDNS. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Finally, Robert W. Baird raised their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $323.17.

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.