Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,976 shares of the software maker’s stock after selling 670 shares during the period. Ritholtz Wealth Management’s holdings in Cadence Design Systems were worth $1,224,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of CDNS. Ulland Investment Advisors LLC acquired a new stake in Cadence Design Systems in the first quarter valued at approximately $25,000. RiverPark Advisors LLC acquired a new stake in Cadence Design Systems during the 1st quarter valued at $26,000. ORG Partners LLC increased its stake 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 buying an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new position in Cadence Design Systems in the 1st quarter worth $32,000. Finally, Union Savings Bank acquired a new stake in shares of Cadence Design Systems during the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CDNS. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. KeyCorp increased their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Robert W. Baird cut their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Finally, Bank of America raised their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Insiders Place Their Bets

In other news, VP Chin-Chi Teng sold 32,184 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction 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 approximately $10,278,485.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. Insiders have sold 69,797 shares of company stock valued at $20,292,558 over the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 1.2 %

Cadence Design Systems stock opened at $268.93 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The firm’s 50-day moving average is $283.67 and its 200-day moving average is $294.02. The company has a market cap of $73.26 billion, a P/E ratio of 70.03, a PEG ratio of 3.24 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.94 earnings per share. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.73 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.