Townsquare Capital LLC Grows Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Townsquare Capital LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 35.8% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 4,664 shares of the software maker’s stock after acquiring an additional 1,229 shares during the quarter. Townsquare Capital LLC’s holdings in Cadence Design Systems were worth $1,264,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Thematics Asset Management grew its holdings in Cadence Design Systems by 7.8% during the 3rd quarter. Thematics Asset Management now owns 157,520 shares of the software maker’s stock valued at $42,693,000 after purchasing an additional 11,445 shares in the last quarter. J. Stern & Co. LLP acquired a new stake in shares of Cadence Design Systems during the third quarter valued at about $1,510,000. Lazard Freres Gestion S.A.S. increased its position in shares of Cadence Design Systems by 157.4% during the third quarter. Lazard Freres Gestion S.A.S. now owns 13,900 shares of the software maker’s stock worth $3,767,000 after acquiring an additional 8,500 shares during the last quarter. Brooklyn Investment Group lifted its stake in shares of Cadence Design Systems by 13.3% in the third quarter. Brooklyn Investment Group now owns 1,410 shares of the software maker’s stock worth $382,000 after acquiring an additional 166 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in Cadence Design Systems in the third quarter valued at about $4,906,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. This represents a 1.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Karna Nisewaner sold 659 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the sale, the senior vice president now owns 16,029 shares in the company, valued at $4,423,683.42. This trade represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,634 shares of company stock worth $1,558,535. 1.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CDNS shares. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Mizuho began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price for the company. Loop Capital began coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Finally, Needham & Company LLC lowered their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Trading Up 0.7 %

NASDAQ:CDNS opened at $306.81 on Monday. The firm has a market capitalization of $84.15 billion, a P/E ratio of 80.53, a P/E/G ratio of 4.17 and a beta of 1.02. The business has a 50 day simple moving average of $281.92 and a 200 day simple moving average of $284.37. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

About Cadence Design Systems

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.