GM Advisory Group LLC Purchases 75 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

GM Advisory Group LLC boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 738 shares of the software maker’s stock after acquiring an additional 75 shares during the period. GM Advisory Group LLC’s holdings in Cadence Design Systems were worth $200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in CDNS. Capital Market Strategies LLC raised its position in shares of Cadence Design Systems by 3.1% in the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after acquiring an additional 39 shares in the last quarter. Dudley Capital Management LLC raised its holdings in Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after purchasing an additional 39 shares in the last quarter. Trust Point Inc. raised its holdings 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 purchasing an additional 40 shares in the last quarter. Falcon Wealth Planning boosted its holdings in shares of Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after buying an additional 40 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC grew its position in shares of Cadence Design Systems by 0.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after buying an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now owns 61,111 shares in the company, valued at $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This trade represents a 20.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock valued at $4,217,635 in the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CDNS shares. Needham & Company LLC lowered their target price 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. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. 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 research report on Tuesday, August 6th. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Finally, Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Price Performance

Shares of CDNS opened at $311.87 on Friday. The business’s 50-day moving average is $278.58 and its two-hundred day moving average is $283.62. The company has a market capitalization of $85.53 billion, a P/E ratio of 81.86, a P/E/G ratio of 4.16 and a beta of 1.02. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results 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 return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the business earned $1.01 earnings per share. Cadence Design Systems’s quarterly revenue was up 18.8% on a year-over-year basis. Research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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.