Free Trial

Envestnet Portfolio Solutions Inc. Has $9.08 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cadence Design Systems logo with Computer and Technology background

Envestnet Portfolio Solutions Inc. grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 22.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,154 shares of the software maker's stock after acquiring an additional 5,304 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Cadence Design Systems were worth $9,075,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust increased its stake in Cadence Design Systems by 8.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker's stock worth $140,000 after acquiring an additional 38 shares during the last quarter. Highview Capital Management LLC DE grew its stake in shares of Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker's stock valued at $1,411,000 after buying an additional 39 shares in the last quarter. Fiduciary Trust Co grew its stake in shares of Cadence Design Systems by 0.6% in the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker's stock valued at $1,833,000 after buying an additional 39 shares in the last quarter. GraniteShares Advisors LLC grew its stake in shares of Cadence Design Systems by 1.2% in the first quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker's stock valued at $1,080,000 after buying an additional 40 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC grew its stake in shares of Cadence Design Systems by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker's stock valued at $296,000 after buying an additional 41 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.


Insider Buying and Selling

In related news, VP Chin-Chi Teng sold 32,184 shares of the firm's stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the sale, the vice president now owns 95,408 shares of the company's stock, valued at approximately $28,379,109.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, SVP Karna Nisewaner sold 600 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 $165,216.00. Following the sale, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Chin-Chi Teng sold 32,184 shares of the firm's stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,134 shares of company stock valued at $14,978,483. Insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $1.60 during trading hours on Friday, reaching $315.67. 1,098,296 shares of the stock were exchanged, compared to its average volume of 1,531,741. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The firm has a 50 day simple moving average of $301.84 and a 200-day simple moving average of $296.64. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The stock has a market capitalization of $85.99 billion, a P/E ratio of 82.21, a P/E/G ratio of 3.91 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter last year, the business posted $1.02 EPS. Cadence Design Systems's quarterly revenue was down 1.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent research reports. KeyCorp increased their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an "overweight" rating in a research note on Thursday, June 27th. Wells Fargo & Company increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, April 16th. Needham & Company LLC reiterated a "buy" rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, May 17th. Rosenblatt Securities reissued a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Piper Sandler reissued a "neutral" rating and issued a $318.00 price target on shares of Cadence Design Systems in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $334.89.

Get Our Latest Analysis on Cadence Design Systems

Cadence Design Systems Profile

(Free Report)

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.

Read More

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

→ AI is dumber than you think (From Porter & Company) (Ad)

Should you invest $1,000 in Cadence Design Systems right now?

Before you consider Cadence Design Systems, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cadence Design Systems wasn't on the list.

While Cadence Design Systems currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Metaverse Stocks And Why You Can't Ignore Them Cover

Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

Is Palantir Stock Worth the Hype After Earnings Jump?
SMCI: Higher Revenue Ahead Despite Selloff
Texas Roadhouse: The Restaurant Stock Defying the Market Slump

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines