Bleakley Financial Group LLC Increases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bleakley Financial Group LLC increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,683 shares of the software maker’s stock after purchasing an additional 790 shares during the quarter. Bleakley Financial Group LLC’s holdings in Cadence Design Systems were worth $3,709,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in CDNS. Global Retirement Partners LLC lifted its holdings in shares of Cadence Design Systems by 4.3% in the third quarter. Global Retirement Partners LLC now owns 18,524 shares of the software maker’s stock worth $5,021,000 after buying an additional 771 shares in the last quarter. Good Life Advisors LLC purchased a new stake in Cadence Design Systems in the 3rd quarter worth $278,000. nVerses Capital LLC boosted its holdings in shares of Cadence Design Systems by 825.0% during the 3rd quarter. nVerses Capital LLC now owns 3,700 shares of the software maker’s stock valued at $1,003,000 after purchasing an additional 3,300 shares during the last quarter. Walter Public Investments Inc. grew its position in shares of Cadence Design Systems by 52.0% during the third quarter. Walter Public Investments Inc. now owns 55,363 shares of the software maker’s stock valued at $15,005,000 after purchasing an additional 18,948 shares in the last quarter. Finally, Tamar Securities LLC lifted its position in shares of Cadence Design Systems by 64.4% in the third quarter. Tamar Securities LLC now owns 80,633 shares of the software maker’s stock worth $21,854,000 after buying an additional 31,591 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Down 1.7 %

Shares of CDNS opened at $258.52 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The firm has a market capitalization of $70.43 billion, a price-to-earnings ratio of 67.32, a PEG ratio of 3.37 and a beta of 1.02. The company has a 50-day moving average of $269.59 and a 200 day moving average of $284.83. Cadence Design Systems, Inc. has a 1-year low of $228.66 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data 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 company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.94 earnings per share. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. Piper Sandler raised shares of 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. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday. They issued a “buy” rating and a $320.00 price objective for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, October 7th. Finally, Robert W. Baird lowered their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $323.27.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the transaction, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,347 shares of company stock worth $7,728,272 over the last three months. 1.99% of the stock is owned by corporate insiders.

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.