Covestor Ltd Decreases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Covestor Ltd reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 69.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 414 shares of the software maker’s stock after selling 941 shares during the period. Covestor Ltd’s holdings in Cadence Design Systems were worth $112,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. ORG Partners LLC raised its stake in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the last quarter. Chilton Capital Management LLC lifted its holdings in shares of Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after purchasing an additional 122 shares in the last quarter. Larson Financial Group LLC grew its position in shares of Cadence Design Systems by 159.7% in the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after purchasing an additional 123 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Cadence Design Systems in the second quarter valued at approximately $69,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth approximately $77,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $297.77 on Wednesday. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The firm has a market capitalization of $81.67 billion, a price-to-earnings ratio of 78.98, a PEG ratio of 3.68 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. The firm’s fifty day simple moving average is $270.73 and its 200 day simple moving average is $282.30.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data 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 company 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 for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the company earned $1.01 earnings per share. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now directly owns 45,051 shares in the company, valued at $12,444,888.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the sale, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the transaction, the director now owns 45,051 shares in the company, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,347 shares of company stock valued at $7,734,616. 1.99% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CDNS. Robert W. Baird increased their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Oppenheimer began coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Finally, Loop Capital assumed coverage on Cadence Design Systems in a report on Monday. They set a “buy” rating and a $360.00 price objective on the stock. One 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, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $326.00.

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.