Strategic Advisors LLC Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Strategic Advisors LLC lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 100.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,649 shares of the software maker’s stock after buying an additional 3,840 shares during the period. Strategic Advisors LLC’s holdings in Cadence Design Systems were worth $2,073,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CDNS. Sendero Wealth Management LLC bought a new stake in Cadence Design Systems during the third quarter worth approximately $1,404,000. Wedmont Private Capital increased its position in shares of Cadence Design Systems by 2.1% during the 3rd quarter. Wedmont Private Capital now owns 8,418 shares of the software maker’s stock valued at $2,213,000 after purchasing an additional 175 shares during the last quarter. Strategic Wealth Partners Ltd. raised its holdings in Cadence Design Systems by 9.0% during the 3rd quarter. Strategic Wealth Partners Ltd. now owns 2,132 shares of the software maker’s stock valued at $578,000 after buying an additional 176 shares during the period. Brookstone Capital Management lifted its position in Cadence Design Systems by 19.3% in the third quarter. Brookstone Capital Management now owns 10,674 shares of the software maker’s stock worth $2,893,000 after buying an additional 1,729 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC boosted its stake in Cadence Design Systems by 23.2% during the third quarter. Dynamic Advisor Solutions LLC now owns 3,232 shares of the software maker’s stock worth $876,000 after buying an additional 609 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Down 0.1 %

Shares of CDNS stock traded down $0.21 on Thursday, hitting $279.35. The stock had a trading volume of 410,897 shares, compared to its average volume of 1,701,079. Cadence Design Systems, Inc. has a one year low of $228.66 and a one year high of $328.99. The business has a 50 day moving average price of $267.73 and a 200 day moving average price of $286.68. The company has a market cap of $76.10 billion, a PE ratio of 72.92, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 EPS. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CDNS shares. Oppenheimer started coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. KeyCorp boosted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Monday. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $323.60.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the sale, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the sale, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the transaction, the vice president now directly owns 65,194 shares in the company, valued at $17,357,250.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,322 shares of company stock valued at $7,768,048. 1.99% of the stock is currently owned by corporate insiders.

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.