1,142 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Acquired by Burns Matteson Capital Management LLC

Burns Matteson Capital Management LLC bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,142 shares of the software maker’s stock, valued at approximately $310,000.

Several other hedge funds have also recently modified their holdings of the business. GLOBALT Investments LLC GA purchased a new stake in Cadence Design Systems during the 4th quarter valued at $5,603,000. V Square Quantitative Management LLC lifted its holdings in Cadence Design Systems by 132.3% in the fourth quarter. V Square Quantitative Management LLC now owns 7,646 shares of the software maker’s stock valued at $2,083,000 after acquiring an additional 4,355 shares during the period. Napa Wealth Management purchased a new position in Cadence Design Systems in the fourth quarter worth about $519,000. Cim LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $1,103,000. Finally, Virtu Financial LLC bought a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $607,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CDNS. 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 research report on Tuesday, August 6th. KeyCorp raised their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Robert W. Baird cut their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $323.60.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,347 shares of company stock valued at $7,774,637 in the last quarter. 1.99% of the stock is owned by insiders.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded up $1.75 during trading hours on Friday, reaching $282.39. The company’s stock had a trading volume of 1,386,289 shares, compared to its average volume of 1,702,460. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a one year low of $228.66 and a one year high of $328.99. The firm has a 50 day moving average price of $268.79 and a 200-day moving average price of $286.40. The stock has a market cap of $76.93 billion, a P/E ratio of 73.54, a P/E/G ratio of 3.37 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the company earned $0.94 EPS. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts predict that Cadence Design Systems, Inc. will post 4.73 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.