Verdence Capital Advisors LLC Makes New $413,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Verdence Capital Advisors LLC purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,525 shares of the software maker’s stock, valued at approximately $413,000.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Cadence Design Systems by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after acquiring an additional 437,101 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after purchasing an additional 572,251 shares during the period. Legal & General Group Plc raised its holdings in Cadence Design Systems by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after acquiring an additional 43,654 shares in the last quarter. Principal Financial Group Inc. lifted its position in Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares during the period. Finally, Swedbank AB boosted its position in shares of Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after acquiring an additional 230,672 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CDNS. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Mizuho began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price for the company. Loop Capital initiated coverage on Cadence Design Systems in a report on Monday. They set a “buy” rating and a $360.00 price objective on the stock. Finally, Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Insiders Place Their Bets

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the transaction, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the transaction, the director now directly owns 42,051 shares in the company, valued at $11,928,186.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now owns 61,111 shares in the company, valued at $16,866,636. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,347 shares of company stock worth $7,734,616. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.1 %

Shares of NASDAQ CDNS opened at $300.90 on Tuesday. The stock has a market cap of $82.52 billion, a price-to-earnings ratio of 78.98, a P/E/G ratio of 3.68 and a beta of 1.02. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company’s fifty day moving average is $270.09 and its 200-day moving average is $282.13.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.01 EPS. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 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.