Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Lowered by Vicus Capital

Vicus Capital lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 37.7% during the second quarter, Holdings Channel reports. The institutional investor owned 729 shares of the software maker’s stock after selling 442 shares during the quarter. Vicus Capital’s holdings in Cadence Design Systems were worth $224,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Parkside Financial Bank & Trust raised its position in shares of Cadence Design Systems by 8.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after purchasing an additional 38 shares during the period. Fiduciary Trust Co raised its position in shares of Cadence Design Systems by 0.6% during the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after purchasing an additional 39 shares during the period. Capital Market Strategies LLC raised its position in shares of Cadence Design Systems by 3.1% during the second 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. GraniteShares Advisors LLC raised its position in shares of Cadence Design Systems by 1.2% during the first quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock worth $1,080,000 after purchasing an additional 40 shares during the period. Finally, Inspire Advisors LLC raised its position in shares of Cadence Design Systems by 1.8% during the first quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after purchasing an additional 40 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of a number of recent analyst reports. KeyCorp boosted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Bank of America boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. Piper Sandler upgraded 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. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Stock Down 2.4 %

Shares of NASDAQ:CDNS traded down $6.85 on Thursday, reaching $277.71. The company had a trading volume of 354,074 shares, compared to its average volume of 1,709,778. Cadence Design Systems, Inc. has a twelve month low of $226.49 and a twelve month high of $328.99. The stock has a 50-day moving average price of $291.42 and a 200 day moving average price of $295.83. The stock has a market capitalization of $75.65 billion, a P/E ratio of 74.10, a P/E/G ratio of 3.14 and a beta of 1.03. 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 announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.74 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $309.09, for a total value of $463,635.00. Following the transaction, the director now owns 48,051 shares of the company’s stock, valued at approximately $14,852,083.59. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the transaction, the senior vice president now owns 19,280 shares in the company, valued at approximately $5,933,420. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the transaction, the director now owns 48,051 shares of the company’s stock, valued at approximately $14,852,083.59. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,397 shares of company stock worth $17,805,844. Insiders own 1.99% 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.