Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 505 shares of the software maker’s stock after selling 86 shares during the quarter. Advisors Asset Management Inc.’s holdings in Cadence Design Systems were worth $137,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. ORG Partners LLC boosted its position in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares during the period. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems in the third quarter valued at $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems during the 3rd quarter worth about $28,000. Chilton Capital Management LLC raised its position in Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after purchasing an additional 122 shares in the last quarter. Finally, Larson Financial Group LLC boosted its stake in shares of Cadence Design Systems by 159.7% in the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after buying an additional 123 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.7 %

NASDAQ:CDNS opened at $306.81 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The stock’s 50 day moving average price is $281.92 and its 200 day moving average price is $284.42. The company has a market capitalization of $84.15 billion, a PE ratio of 80.53, a P/E/G ratio of 4.14 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the business posted $1.01 earnings per share. Cadence Design Systems’s quarterly revenue was up 18.8% on a year-over-year basis. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the sale, the director now directly owns 43,551 shares of the company’s stock, valued at $12,019,204.98. This trade represents a 3.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. This represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,634 shares of company stock valued at $1,558,535. 1.99% of the stock is owned by company insiders.

Analysts Set New Price Targets

CDNS has been the topic of a number of recent research reports. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Needham & Company LLC reduced their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $326.00.

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.