Kessler Investment Group LLC Purchases 1,637 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kessler Investment Group LLC increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 10,514 shares of the software maker’s stock after acquiring an additional 1,637 shares during the quarter. Cadence Design Systems comprises 1.5% of Kessler Investment Group LLC’s investment portfolio, making the stock its 22nd largest holding. Kessler Investment Group LLC’s holdings in Cadence Design Systems were worth $2,850,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. RiverPark Advisors LLC bought a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $26,000. ORG Partners LLC boosted its holdings in shares of Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares during the period. Annapolis Financial Services LLC bought a new position in shares of Cadence Design Systems in the first quarter worth $32,000. Hollencrest Capital Management grew its position in shares of Cadence Design Systems by 637.5% in the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after purchasing an additional 102 shares in the last quarter. Finally, Chilton Capital Management LLC raised its stake in shares of Cadence Design Systems by 244.0% during 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 during the period. 84.85% of the stock is currently owned by institutional investors.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now directly owns 42,051 shares of the company’s stock, valued at $11,928,186.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the transaction, the director now directly owns 42,051 shares of the company’s stock, valued at $11,928,186.66. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,347 shares of company stock valued at $7,728,272. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CDNS. KeyCorp lifted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, October 7th. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Finally, Mizuho began coverage on Cadence Design Systems in a research note on Tuesday. They set an “outperform” rating and a $325.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $323.42.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $2.10 during trading on Tuesday, hitting $251.05. 392,665 shares of the stock traded hands, compared to its average volume of 1,719,776. The firm’s fifty day moving average is $269.32 and its 200-day moving average is $284.12. The stock has a market cap of $68.39 billion, a price-to-earnings ratio of 65.92, a PEG ratio of 3.37 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $228.66 and a 52 week high of $328.99. 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 posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share. Research analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

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.