Sigma Planning Corp Cuts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sigma Planning Corp lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 82.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,022 shares of the software maker’s stock after selling 9,324 shares during the period. Sigma Planning Corp’s holdings in Cadence Design Systems were worth $548,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ORG Partners LLC increased its position in 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 purchasing an additional 82 shares in the last quarter. Chilton Capital Management LLC lifted its holdings in shares of Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after acquiring an additional 122 shares in the last quarter. Larson Financial Group LLC boosted its position in 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 purchasing an additional 123 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Cadence Design Systems in the 2nd quarter valued at $69,000. Finally, Opal Wealth Advisors LLC purchased a new position in Cadence Design Systems in the second quarter valued at about $77,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CDNS. Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. Robert W. Baird lifted their price objective 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. Needham & Company LLC decreased 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. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Finally, Loop Capital started coverage on shares of Cadence Design Systems in a research report on Monday. They issued a “buy” rating and a $360.00 price objective for the company. One investment 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 stock has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Stock Down 1.1 %

Shares of NASDAQ:CDNS opened at $303.04 on Friday. 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 company has a fifty day simple moving average of $272.61 and a 200 day simple moving average of $282.58. The firm has a market cap of $83.11 billion, a PE ratio of 78.81, a price-to-earnings-growth ratio of 3.64 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its 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 net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the firm earned $1.01 earnings per share. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares in the company, valued at $16,866,636. The trade was a 1.05 % 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, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were 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 approximately $10,278,485.14. The trade was a 20.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock worth $4,217,635 over the last 90 days. Insiders own 1.99% of the company’s stock.

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.