Ritholtz Wealth Management Has $855,000 Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ritholtz Wealth Management trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,153 shares of the software maker’s stock after selling 823 shares during the period. Ritholtz Wealth Management’s holdings in Cadence Design Systems were worth $855,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at $26,000. ORG Partners LLC boosted its holdings in Cadence Design Systems by 911.1% during the second 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. Annapolis Financial Services LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter valued at about $32,000. Hollencrest Capital Management raised its position in shares of Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after acquiring an additional 102 shares during the period. Finally, Rise Advisors LLC bought a new position in Cadence Design Systems during the 1st quarter worth approximately $45,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the company’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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,847 shares of company stock worth $7,302,782. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of several analyst reports. Oppenheimer began coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, October 7th. KeyCorp boosted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Finally, Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $323.60.

Cadence Design Systems Stock Down 0.1 %

Cadence Design Systems stock opened at $282.14 on Tuesday. The company has a fifty day simple moving average of $269.49 and a 200 day simple moving average of $285.81. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 1-year low of $228.66 and a 1-year high of $328.99. The company has a market cap of $76.86 billion, a P/E ratio of 73.47, a price-to-earnings-growth ratio of 3.37 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates 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 revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.94 earnings per share. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

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.