Financial Advocates Investment Management Sells 48 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Financial Advocates Investment Management cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,417 shares of the software maker’s stock after selling 48 shares during the quarter. Financial Advocates Investment Management’s holdings in Cadence Design Systems were worth $384,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

CDNS has been the topic of a number of research analyst reports. Mizuho began coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Needham & Company LLC decreased 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. 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 research note on Tuesday, August 6th. Finally, Robert W. Baird raised their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $323.17.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $282.09 on Monday. The company has a fifty day moving average price of $267.18 and a two-hundred day moving average price of $281.64. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The stock has a market cap of $77.37 billion, a P/E ratio of 74.04, a P/E/G ratio of 3.38 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Cadence Design Systems’s 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, equities analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Transactions at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction on 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 sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the director now owns 45,051 shares in the company, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. 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 three months, 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.