Procyon Advisors LLC Purchases 58 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Procyon Advisors LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,655 shares of the software maker’s stock after acquiring an additional 58 shares during the period. Procyon Advisors LLC’s holdings in Cadence Design Systems were worth $449,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. RiverPark Advisors LLC bought a new position in shares of Cadence Design Systems in the 1st quarter worth $26,000. ORG Partners LLC raised its position in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares in the last quarter. Annapolis Financial Services LLC bought a new position in shares of Cadence Design Systems in the 1st quarter worth $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 worth $37,000 after acquiring an additional 102 shares in the last quarter. Finally, Rise Advisors LLC bought a new position in shares of Cadence Design Systems in the 1st quarter worth $45,000. 84.85% of the stock is owned by institutional investors.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the sale, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing 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 stock in a transaction that occurred 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 transaction, the vice president now owns 65,194 shares in the company, valued at approximately $17,357,250.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the transaction, the director now owns 43,551 shares in the company, valued at $12,019,204.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,847 shares of company stock worth $7,302,782 over the last quarter. 1.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, October 7th. Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Finally, Berenberg Bank assumed coverage on Cadence Design Systems in a research report on Tuesday. They set a “buy” rating and a $320.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $323.27.

Cadence Design Systems Stock Down 4.5 %

Cadence Design Systems stock opened at $269.47 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The business’s 50-day simple moving average is $269.69 and its two-hundred day simple moving average is $285.52. The company has a market cap of $73.41 billion, a PE ratio of 70.17, a PEG ratio of 3.37 and a beta of 1.02. Cadence Design Systems, Inc. has a fifty-two week low of $228.66 and a fifty-two week high of $328.99.

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