BNC Wealth Management LLC Purchases 1,202 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

BNC Wealth Management LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,772 shares of the software maker’s stock after buying an additional 1,202 shares during the quarter. Cadence Design Systems comprises about 2.2% of BNC Wealth Management LLC’s holdings, making the stock its 12th largest position. BNC Wealth Management LLC’s holdings in Cadence Design Systems were worth $5,901,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. ORG Partners LLC boosted its holdings in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the period. Chilton Capital Management LLC grew its position in shares of Cadence Design Systems by 244.0% in the second 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 in the last quarter. Larson Financial Group LLC raised its stake in Cadence Design Systems by 159.7% in the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after purchasing an additional 123 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Cadence Design Systems in the 2nd quarter worth $69,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Cadence Design Systems during the 2nd quarter valued at $77,000. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Robert W. Baird raised their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Finally, Mizuho started coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $323.17.

Cadence Design Systems Trading Up 1.9 %

CDNS opened at $296.75 on Thursday. The business has a 50 day moving average of $268.72 and a 200-day moving average of $281.85. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market cap of $81.39 billion, a PE ratio of 77.89, a PEG ratio of 3.54 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $1.18 billion. During the same period last year, the company posted $1.01 EPS. Cadence Design Systems’s revenue was up 18.8% on a year-over-year basis. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the transaction, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on 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 sale, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $26,366,954.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,347 shares of company stock valued at $7,734,616 in the last 90 days. Corporate insiders own 0.62% of the company’s stock.

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.