Mather Group LLC. Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mather Group LLC. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 5,997 shares of the software maker’s stock after acquiring an additional 157 shares during the quarter. Mather Group LLC.’s holdings in Cadence Design Systems were worth $1,867,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Cadence Design Systems during the 2nd quarter worth about $69,000. DNB Asset Management AS increased its holdings in Cadence Design Systems by 34.9% during the second quarter. DNB Asset Management AS now owns 85,156 shares of the software maker’s stock valued at $26,207,000 after buying an additional 22,052 shares during the period. Moody National Bank Trust Division raised its stake in Cadence Design Systems by 1.3% in the second quarter. Moody National Bank Trust Division now owns 4,964 shares of the software maker’s stock worth $1,528,000 after buying an additional 66 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Cadence Design Systems by 39.7% during the second quarter. GAMMA Investing LLC now owns 2,532 shares of the software maker’s stock worth $779,000 after buying an additional 719 shares during the period. Finally, Transcend Capital Advisors LLC bought a new stake in Cadence Design Systems during the 2nd quarter valued at $300,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS traded up $12.96 during trading hours on Tuesday, reaching $259.80. 4,751,110 shares of the company traded hands, compared to its average volume of 1,715,752. The stock has a market capitalization of $70.78 billion, a P/E ratio of 67.17, a P/E/G ratio of 3.14 and a beta of 1.03. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The business has a fifty day moving average price of $296.68 and a 200-day moving average price of $297.61. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The company’s revenue was up 8.6% on a year-over-year basis. Equities analysts anticipate that Cadence Design Systems, Inc. will post 4.74 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the transaction, the vice president now directly owns 65,194 shares in the company, valued at $17,357,250.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the transaction, the vice president now directly owns 65,194 shares of the company’s stock, valued at $17,357,250.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the sale, the director now directly owns 46,551 shares in the company, valued at approximately $14,643,548.07. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,184 shares of company stock valued at $14,719,573. 1.99% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday. Bank of America raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Finally, KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $334.56.

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.