Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,164 shares of the software maker’s stock after buying an additional 669 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Cadence Design Systems were worth $3,839,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of CDNS. Norden Group LLC lifted its position in shares of Cadence Design Systems by 25.0% during the first quarter. Norden Group LLC now owns 945 shares of the software maker’s stock worth $294,000 after purchasing an additional 189 shares in the last quarter. Private Advisor Group LLC boosted its position in Cadence Design Systems by 1.1% in the 1st quarter. Private Advisor Group LLC now owns 5,532 shares of the software maker’s stock valued at $1,722,000 after buying an additional 58 shares during the last quarter. Whittier Trust Co. grew its stake in shares of Cadence Design Systems by 12.2% during the first quarter. Whittier Trust Co. now owns 10,335 shares of the software maker’s stock valued at $3,217,000 after acquiring an additional 1,127 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Cadence Design Systems during the first quarter worth about $1,340,000. Finally, RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems in the first quarter worth about $26,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDNS has been the subject of a number of recent analyst reports. Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Needham & Company LLC dropped their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research note on Tuesday, August 6th. Berenberg Bank began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Finally, Mizuho began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $323.17.

Cadence Design Systems Stock Performance

CDNS stock opened at $282.09 on Monday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The stock has a market capitalization of $77.37 billion, a price-to-earnings ratio of 74.04, a PEG ratio of 3.38 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.32 and a current ratio of 2.45. The stock’s fifty day moving average is $267.18 and its two-hundred day moving average is $281.64.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the firm posted $1.01 EPS. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insiders Place Their Bets

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the sale, the director now owns 45,051 shares of the company’s stock, valued at $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the sale, the director now directly owns 45,051 shares in the company, valued at $12,444,888.24. This represents 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 this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total value of $177,736.00. Following the transaction, the vice president now owns 61,761 shares in the company, valued at approximately $16,887,927.84. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,697 shares of company stock worth $7,555,216. 1.99% of the stock is owned by company 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.