On September 17, 2023, it was reported that First Affirmative Financial Network had acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS). According to the disclosure made to the Securities and Exchange Commission, the fund purchased 868 shares of the software maker’s stock, with a value of approximately $204,000.
This news comes after Cadence Design Systems released its quarterly earnings results on July 24th. The company reported earnings per share (EPS) of $1.22 for the quarter, surpassing analysts’ consensus estimates by $0.04. The business also generated $977 million in revenue during the quarter, slightly beating the consensus estimate of $975.99 million. Comparatively, in the same period last year, Cadence Design Systems posted earnings per share of $0.85.
Analysts have been commenting on Cadence Design Systems in recent times. Robert W. Baird raised their target price on the company’s shares from $253 to $257 in a research report issued on July 25th. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in another research report published recently.
Needham & Company LLC reiterated a “buy” rating and set a price target of $235 on Cadence Design Systems’ shares as well. And Bank of America increased their price objective for the stock from $280 to $285 and gave it a “buy” rating.
Wells Fargo & Company also joined in by boosting their price target on Cadence Design Systems’ shares from $250 to $270 and assigning an “overweight” rating to the stock.
According to data from Bloomberg.com, ten investment analysts have given Cadence Design Systems a buy rating overall, making it evident that there is widespread optimism regarding its future performance. The average target price assigned by these analysts stands at $257.44.
With all these developments and positive feedback from analysts, it will be interesting to see how Cadence Design Systems performs in the coming months. As the software maker continues to innovate and expand its operations, investors may find worthwhile opportunities in this particular company.
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Insider Transactions and Hedge Fund Movements: An Analysis of Cadence Design Systems’ Recent Developments
September 17, 2023 – Cadence Design Systems: A Closer Look at Recent Developments
Cadence Design Systems, a renowned software maker in the technology industry, has been making headlines recently with its stakeholder movements and insider transactions. Several hedge funds have either added to or reduced their stakes in the company, adding an air of uncertainty to the situation.
Ignite Planners LLC, one of the hedge funds in question, increased its stake in Cadence Design Systems by a mere 4.4% during the first quarter. This seemingly insignificant growth accounts for only an additional 53 shares purchased during the last quarter. Allworth Financial LP followed suit by increasing its stake by 14.4%, acquiring an additional 57 shares.
Core Alternative Capital took a different approach, lifting its position in Cadence Design Systems by an impressive 60.6% during the same period. However, this substantial increase involved only an additional 60 shares. AdvisorNet Financial Inc also joined the trend by growing its holdings by 70.5%, purchasing an extra 62 shares.
ETF Managers Group LLC’s contribution should not go unnoticed either. Although they increased their stake by a modest 1.5%, this still accounted for an acquisition of an additional 65 shares of Cadence Design Systems’ stock.
It is worth noting that institutional investors currently own approximately 83.95% of the company’s stock.
In recent news related to Cadence Design Systems, Vice President Aneel Zaman made headlines with his stock sale transaction on August 3rd. Zaman sold a total of 271 shares at an average price of $227.85, amounting to a transaction total of $61,747.35. With this transaction completed, Zaman now holds approximately 68,471 shares valued at $15,601,117.35.
Another notable occurrence was CEO Anirudh Devgan selling 1,523 shares of the company’s stock on August 28th. The average sale price was reported as $233.97, bringing the total value of the transaction to $356,336.31. Following this sale, Devgan now owns a significant 144,944 shares valued at around $33,912,547.68.
These transactions were duly disclosed in filings with the Securities and Exchange Commission (SEC), which can be accessed through relevant links provided.
Over the course of the last 90 days, insiders have sold a staggering total of 70,511 shares of Cadence Design Systems’ stock. The cumulative value of these sales is estimated at an impressive $16,268,306. It is important to note that these insider transactions account for approximately 1.99% of the company’s overall stock ownership.
Cadence Design Systems’ stock opened at $234.08 on Friday and has experienced variations between its 52-week low and high points of $138.76 and $248.16 respectively. These figures indicate a certain level of volatility within the market for Cadence Design Systems.
The company boasts a market capitalization value of approximately $63.62 billion and operates with a relatively high price-to-earnings (P/E) ratio of 71.80. Furthermore, its price-to-earnings growth (PEG) ratio stands at 3.21 and showcases potential future growth opportunities for investors.
As we navigate through September 2023, it will be interesting to observe how these recent developments unfold for Cadence Design Systems and whether they have any impact on its overall performance within the market landscape.
Reference Date: September 17, 2023
