September 5, 2023

Inceptionr LLC Increases Holdings in Cadence Design Systems, Inc.

Inceptionr LLC, an institutional investor, recently announced that it has expanded its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 103.0% during the first quarter of this year. According to its filing with the Securities and Exchange Commission, Inceptionr LLC now owns 4,758 shares of the software maker’s Stock after acquiring an additional 2,414 shares during the quarter. The value of Inceptionr LLC’s holdings in Cadence Design Systems at the end of the reporting period stands at approximately $1 million.

Cadence Design Systems reported its earnings results for the most recent quarter on Monday, July 24th. The software maker’s earnings per share (EPS) for the quarter amounted to $1.22, surpassing analysts’ consensus estimates by $0.04. With a net margin of 23.41% and a return on equity of 33.79%, Cadence Design Systems has demonstrated a robust financial performance during this period. The company generated $977 million in revenue for the quarter, slightly exceeding the consensus estimate of $975.99 million. These figures indicate a significant increase of 13.9% in revenue compared to the same quarter last year when Cadence Design Systems posted an EPS of $0.85.

The latest earnings report highlights Cadence Design Systems’ strong performance and supports positive market sentiment regarding its future prospects.

As we look ahead to the current fiscal year, equities analysts are predicting that Cadence Design Systems will achieve an EPS of 4.1 for this period.

In conclusion, Inceptionr LLC’s decision to increase its holdings in Cadence Design Systems signifies confidence in the company’s potential and growth trajectory as demonstrated through its recent financial performance. Investors will be keenly watching as the company continues to deliver value in the software industry.

Disclaimer: The information provided in this article is based on publicly available sources and should not be considered as financial advice. As with any investment, it is recommended to conduct thorough research before making any decisions.

Institutional Investors and Analysts Bullish on Cadence Design Systems’ Future

Cadence Design Systems, a software maker in the design automation industry, has recently seen changes in its institutional investor positions. Among these investors is Barrett & Company Inc., which purchased a new stake in Cadence Design Systems during the first quarter of this year. The stake is valued at approximately $30,000.

ETF Managers Group LLC also made changes to its position in Cadence Design Systems. The company lifted its position by 3.8% in the fourth quarter and now owns 4,323 shares of the software maker’s stock worth $694,000.

In addition, Handelsbanken Fonder AB boosted its stake by 5.5% during the first quarter. The company now owns 33,910 shares of Cadence Design Systems’ stock worth $7,124,000.

Wealth Enhancement Advisory Services LLC increased its position by 10.2% during the same period and now holds 25,706 shares of the software maker’s stock valued at $5,401,000.

Lastly, Raymond James & Associates increased its position by 21.6% during the first quarter and now owns 184,222 shares of Cadence Design Systems’ stock valued at $38,703,000.

These institutional investors together own approximately 83.95% of the company’s stock.

Cadence Design Systems’ stock traded up $3.12 on Monday, reaching $243.56 per share. A total of 1,004,700 shares were traded compared to an average volume of 1,
758,
525 shares.
The company currently has a current ratio of
1,
37
and a quick ratio of
1,
26,
indicating its financial stability.
With a market cap of
$
66.
20 billion and a P/E ratio
of
74.
71,
the firm is considered a major player in the industry.

The fifty-day simple moving average for Cadence Design Systems’ stock is $232.59, while the two hundred-day moving average stands at
$218.
60.

In other news, Vice President Chin-Chi Teng recently sold 12,858 shares of the company’s stock in a transaction valued at $3,080,005.32. Following the sale, Teng now holds 126,
165
shares of Cadence Design Systems’ stock, worth approximately $30,221,564.10.

Furthermore, Director James D. Plummer sold 4,
406
shares in July for a total transaction value of $
1,
051,
007.24.
After this sale, Plummer now owns 25,
335 shares of the company’s stock with an estimated value of $
6,
043,
410.90.

Corporate insiders have sold a total of 79,
269
shares in the past three months, amounting to $
18,
359,
051 in value.
Overall, corporate insiders own approximately 1.67% of the company’s stock.

A number of equities analysts have recently commented on Cadence Design Systems’ stock.
Rosenblatt Securities reaffirmed their “buy” rating and set a price target of $
250.
00.
Similarly,
Needham & Company LLC restated their “buy” rating and provided a target price of $
235.
00.
Stifel Nicolaus upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and increased their target price from $
210.
00
to $
300.
00.

Robert W. Baird also boosted their price objective from $
253.
00
to $
257.
00.

Furthermore,
KeyCorp increased their target price from $
265.
00
to $
270.
00
and gave the stock an “overweight” rating.

Ten research analysts have given the stock a buy rating on Bloomberg.com.

Overall,
Cadence Design Systems continues to attract attention from institutional investors and analysts alike, indicating positive prospects for the company’s future.

The post Inceptionr LLC Expands Holdings in Cadence Design Systems, Inc. Amid Strong Financial Performance appeared first on Best Stocks.