Fifth Third Wealth Advisors LLC grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 0.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,539 shares of the software maker’s stock after purchasing an additional 40 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Cadence Design Systems were worth $1,501,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. ORG Partners LLC lifted its position in shares of 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 acquiring an additional 82 shares during the period. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems during the third quarter worth $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems during the third quarter worth $28,000. Chilton Capital Management LLC increased its holdings in Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after buying an additional 122 shares during the period. Finally, Larson Financial Group LLC lifted its holdings in shares of Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock worth $62,000 after acquiring an additional 123 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.
Analysts Set New Price Targets
Several research firms recently issued reports on CDNS. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Mizuho started coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Finally, Needham & Company LLC cut their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.
Cadence Design Systems Price Performance
Shares of CDNS stock opened at $299.63 on Wednesday. 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 firm has a market capitalization of $82.18 billion, a price-to-earnings ratio of 78.64, a PEG ratio of 3.93 and a beta of 1.02. The firm’s 50 day moving average is $276.20 and its 200-day moving average is $283.13. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the company earned $1.01 EPS. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 15,634 shares of company stock valued at $4,217,635. 0.62% of the stock is currently owned by 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.
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