Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Trimmed by Independent Advisor Alliance

Independent Advisor Alliance trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,666 shares of the software maker’s stock after selling 63 shares during the quarter. Independent Advisor Alliance’s holdings in Cadence Design Systems were worth $452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Park National Corp OH boosted its stake in shares of Cadence Design Systems by 19.8% during the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after buying an additional 22,537 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after purchasing an additional 310,250 shares during the last quarter. SG Americas Securities LLC grew its stake in Cadence Design Systems by 88.4% in the second quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock valued at $16,625,000 after purchasing an additional 25,347 shares in the last quarter. Teamwork Financial Advisors LLC increased its position in Cadence Design Systems by 19.4% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock worth $3,559,000 after purchasing an additional 2,136 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its stake in shares of Cadence Design Systems by 5.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after purchasing an additional 11,568 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the sale, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. The trade was a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now directly owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,634 shares of company stock worth $1,558,535 over the last three months. Company insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of several recent research reports. Loop Capital initiated 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. Needham & Company LLC dropped their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Finally, Wells Fargo & Company assumed coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Trading Down 1.7 %

Shares of Cadence Design Systems stock opened at $304.68 on Friday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company’s fifty day simple moving average is $281.26 and its 200-day simple moving average is $284.26. The company has a market cap of $83.56 billion, a price-to-earnings ratio of 79.97, a PEG ratio of 4.24 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the business posted $1.01 EPS. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

About Cadence Design Systems

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.