In a recent disclosure with the Securities and Exchange Commission (SEC), it was revealed that ProShare Advisors LLC has increased its holdings in Cadence Design Systems, Inc. by 10.8% during the first quarter of this year. According to the filing, ProShare Advisors LLC now owns approximately 289,304 shares of the software maker’s stock after purchasing an additional 28,105 shares during this period. This represents approximately 0.11% ownership of Cadence Design Systems and is estimated to be worth $60,780,000 as of the end of this reporting period.
Cadence Design Systems, a Nasdaq-listed company (NASDAQ:CDNS), recently reported its quarterly earnings results on July 24th. The software maker surpassed analysts’ consensus estimates by reporting earnings per share (EPS) of $1.22 for the quarter, compared to the expected $1.18 EPS. Additionally, Cadence Design Systems generated revenue of $977 million in the quarter, slightly exceeding the consensus estimate of $975.99 million.
These positive results were well-received by both investors and analysts alike, signifying solid growth for Cadence Design Systems in a competitive market landscape. With a return on equity of 33.79% and a net margin of 23.41%, these financials further solidify Cadence Design System’s strong position within the industry.
Moreover, analysts are optimistic about future performance as they project that Cadence Design Systems will post an EPS of 4.1 for the current fiscal year. This expectation highlights confidence in continued growth and reflects positively on their ability to navigate through market challenges successfully.
Several research analysts have weighed in on Cadence Design Systems’ performance lately. Needham & Company LLC reaffirmed their “buy” rating and assigned a price target of $235 on July 25th while Robert W. Baird raised their price target from $253 to $257 on the same day. On that day, KeyCorp also increased their price target from $265 to $270 and gave the company an “overweight” rating. Furthermore, Bank of America raised their target price from $280 to $285, maintaining a “buy” rating on the stock. Lastly, Rosenblatt Securities reaffirmed their “buy” rating with a target price of $250 on August 25th.
These recent ratings indicate a strong consensus among analysts that Cadence Design Systems is a solid investment with long-term growth potential. Bloomberg.com reports an average rating of “Buy” for the company with a consensus target price of $255.22.
Overall, Cadence Design Systems continues to demonstrate positive performance both financially and in market perception. With increasing ownership by ProShare Advisors LLC, surpassing earnings estimates, and receiving favorable ratings from industry analysts, Cadence Design Systems remains in a strong position to further advance its market presence and deliver value to its shareholders.
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Cadence Design Systems: Attracting Attention from Hedge Funds and Institutional Investors
Cadence Design Systems, Inc., a leading software maker in the design automation industry, has recently attracted attention from hedge funds and institutional investors. Several firms have either increased or reduced their stakes in CDNS, with AllSquare Wealth Management LLC purchasing a new stake valued at $27,000 in the first quarter of this year. Barrett & Company Inc. also acquired a new position worth $30,000 during the same period.
ST Germain D J Co. Inc. entered into the mix by acquiring shares amounting to approximately $32,000 in the fourth quarter of last year. Additionally, AdvisorNet Financial Inc witnessed a significant increase of 70.5% in its holdings during the first quarter. The firm now owns 150 shares valued at $32,000 after acquiring an additional 62 shares.
Furthermore, Altshuler Shaham Ltd obtained a new position valued at about $32,000 in the first quarter of this year. Currently, hedge funds and other institutional investors own approximately 83.95% of CDNS stock.
In recent news related to CDNS stock, Director Vincentelli Albert Sangiovanni sold 4,000 shares in a transaction that occurred on September 8th for an average price of $241.26 per share. This amounted to a total value of $965,040. After this transaction, Sangiovanni now owns 66,683 shares in Cadence Design Systems with an estimated value of $16,087,940.58.
Another notable insider transaction involved VP Aneel Zaman selling 271 shares on August 3rd at an average price of $227.85 per share for a total value of $61,747.35. Following this sale completion, Zaman holds approximately 68,471 shares with an estimated value of around $15,601.,117.35.
Overall within the last quarter alone insiders have sold around 83,369 shares of CDNS stock worth approximately $19,348,312. This totals to 1.99% of the stock being currently owned by corporate insiders.
As of September 14th, CDNS stock opened at $241.13. The company possesses a market capitalization of $65.54 billion with a price-to-earnings ratio of 73.97 and a P/E/G ratio of 3.22. Its beta stands at 1.03. The company’s 50-day moving average is $234.36, while its two-hundred day moving average is $221.10.
Furthermore, Cadence Design Systems has a current ratio of 1.37 and a quick ratio of 1.26, indicating favorable liquidity in the business operations. Moreover, the company maintains a debt-to-equity ratio of just 0.22, demonstrating efficient management of its financial obligations.
CDNS has shown impressive growth over the past year, with its share price ranging between a low of $138.76 and a high of $248.16 within this period.
Considering all these factors along with the recent positions taken by hedge funds and institutional investors, it becomes evident that Cadence Design Systems remains an attractive prospect for investment opportunities within the design automation industry landscape.
