TFB Advisors LLC Invests $330,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

TFB Advisors LLC acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,060 shares of the software maker’s stock, valued at approximately $330,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Mediolanum International Funds Ltd bought a new position in shares of Cadence Design Systems during the 1st quarter worth about $6,774,000. Callan Capital LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter valued at about $250,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Cadence Design Systems during the 1st quarter valued at about $300,000. RiverPark Advisors LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter valued at about $26,000. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of Cadence Design Systems during the 1st quarter valued at about $1,340,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 1.4 %

Shares of Cadence Design Systems stock traded up $4.54 on Wednesday, hitting $319.80. The company had a trading volume of 1,222,261 shares, compared to its average volume of 1,536,290. The firm has a market capitalization of $87.12 billion, a P/E ratio of 83.28, a P/E/G ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The stock has a 50-day moving average of $299.50 and a 200-day moving average of $296.07.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 earnings per share. Research analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on CDNS. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Piper Sandler restated a “neutral” rating and issued a $318.00 price target on shares of Cadence Design Systems in a research report on Wednesday. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, May 17th. KeyCorp boosted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Finally, Bank of America boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $334.89.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the transaction, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the sale, the vice president now directly owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at $5,639,372.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,134 shares of company stock worth $14,978,483. 0.62% of the stock is owned by insiders.

Cadence Design Systems 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.