Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,292 shares of the software maker’s stock after acquiring an additional 1,251 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Cadence Design Systems were worth $3,602,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Capital Market Strategies LLC raised its position in shares of Cadence Design Systems by 3.1% during the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after purchasing an additional 39 shares during the period. Dudley Capital Management LLC grew its stake in Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after buying an additional 39 shares during the last quarter. Trust Point Inc. increased its position in Cadence Design Systems by 2.9% in the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after buying an additional 40 shares during the period. Falcon Wealth Planning lifted its stake in Cadence Design Systems by 5.1% in the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after buying an additional 40 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its holdings in shares of Cadence Design Systems by 0.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after acquiring an additional 40 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The trade was a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the transaction, the vice president now directly owns 64,544 shares of the company’s stock, valued at $17,226,148.16. This represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock valued at $4,217,635 in the last three months. 0.62% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CDNS has been the topic of several recent research reports. Needham & Company LLC cut their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Wells Fargo & Company started coverage on Cadence Design Systems in a report on Friday. They issued an “overweight” rating and a $350.00 price objective for the company. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Finally, Oppenheimer began coverage on 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. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $311.87 on Monday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week 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. The stock has a market cap of $85.53 billion, a PE ratio of 81.86, a price-to-earnings-growth ratio of 4.23 and a beta of 1.02. The company’s 50-day moving average price is $278.58 and its two-hundred day moving average price is $283.63.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.01 EPS. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal 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.