Tranquility Partners LLC Purchases Shares of 1,427 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Tranquility Partners LLC acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,427 shares of the software maker’s stock, valued at approximately $387,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Swedbank AB bought a new stake in Cadence Design Systems during the 1st quarter worth approximately $439,988,000. Principal Financial Group Inc. boosted its position in shares of Cadence Design Systems by 280.1% during the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after buying an additional 1,119,824 shares during the last quarter. Van ECK Associates Corp grew its holdings in Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares in the last quarter. Meridiem Investment Management Ltd. purchased a new stake in Cadence Design Systems in the 3rd quarter valued at $129,285,000. Finally, 1832 Asset Management L.P. lifted its stake in Cadence Design Systems by 111.5% during the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock valued at $266,583,000 after acquiring an additional 451,530 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Mizuho started coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price for the company. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Needham & Company LLC decreased their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Finally, Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Trading Up 1.6 %

Shares of Cadence Design Systems stock opened at $294.33 on Tuesday. The company’s 50-day moving average price is $275.32 and its 200-day moving average price is $283.00. The company has a market cap of $80.72 billion, a price-to-earnings ratio of 77.25, a PEG ratio of 3.93 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the firm earned $1.01 EPS. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Activity

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This trade represents a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares of the company’s stock, valued at $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,634 shares of company stock worth $4,217,635. 0.62% of the stock is currently owned by corporate insiders.

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.