Kowal Investment Group LLC Cuts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kowal Investment Group LLC trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 53.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 890 shares of the software maker’s stock after selling 1,010 shares during the period. Kowal Investment Group LLC’s holdings in Cadence Design Systems were worth $241,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Capital Market Strategies LLC grew 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 buying an additional 39 shares in the last quarter. Inspire Advisors LLC grew 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 buying an additional 40 shares in the last quarter. Wealthcare Advisory Partners LLC grew its position in shares of Cadence Design Systems by 4.5% during the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after buying an additional 41 shares in the last quarter. Consilio Wealth Advisors LLC grew its position in shares of Cadence Design Systems by 5.2% during the third quarter. Consilio Wealth Advisors LLC now owns 883 shares of the software maker’s stock worth $239,000 after buying an additional 44 shares in the last quarter. Finally, First Affirmative Financial Network grew its position in shares of Cadence Design Systems by 3.6% during the first quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock worth $412,000 after buying an additional 46 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $263.03 on Friday. Cadence Design Systems, Inc. has a fifty-two week low of $228.66 and a fifty-two week high of $328.99. The firm’s 50-day simple moving average is $269.83 and its 200 day simple moving average is $285.21. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The stock has a market cap of $71.66 billion, a P/E ratio of 68.50, a P/E/G ratio of 3.37 and a beta of 1.02.

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CDNS shares. Oppenheimer assumed 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. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, October 7th. Robert W. Baird decreased their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, 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 report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $323.27.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the business’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 sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $26,366,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now owns 65,194 shares in the company, valued at approximately $17,357,250.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares in the company, valued at approximately $26,366,954.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,347 shares of company stock worth $7,728,272. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Company 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.