Venturi Wealth Management LLC Boosts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Venturi Wealth Management LLC lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.9% in the third quarter, HoldingsChannel reports. The firm owned 821 shares of the software maker’s stock after buying an additional 184 shares during the period. Venturi Wealth Management LLC’s holdings in Cadence Design Systems were worth $223,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. Swedbank AB purchased a new stake in shares of Cadence Design Systems during the 1st quarter valued at approximately $439,988,000. Principal Financial Group Inc. increased its stake in Cadence Design Systems by 280.1% during the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after acquiring an additional 1,119,824 shares during the last quarter. Van ECK Associates Corp raised its position in Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares during the period. Meridiem Investment Management Ltd. acquired a new position in shares of Cadence Design Systems in the 3rd quarter valued at $129,285,000. Finally, 1832 Asset Management L.P. grew its holdings in shares of Cadence Design Systems by 111.5% during the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after purchasing an additional 451,530 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Loop Capital assumed coverage on shares of Cadence Design Systems in a report on Monday. They issued a “buy” rating and a $360.00 price objective on the stock. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a report on Tuesday, August 6th. Berenberg Bank began coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Price Performance

Shares of CDNS opened at $306.47 on Thursday. The firm has a market capitalization of $84.05 billion, a price-to-earnings ratio of 80.44, a PEG ratio of 3.64 and a beta of 1.02. The firm’s fifty day simple moving average is $271.56 and its 200-day simple moving average is $282.41. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

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

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now owns 61,111 shares in the company, valued at $16,866,636. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,847 shares of company stock worth $4,556,656 over the last 90 days. 1.99% of the stock is owned by 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.