Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Covestor Ltd

Covestor Ltd lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 69.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 414 shares of the software maker’s stock after selling 941 shares during the period. Covestor Ltd’s holdings in Cadence Design Systems were worth $112,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Concurrent Investment Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter worth approximately $274,000. Avantax Advisory Services Inc. boosted its position in Cadence Design Systems by 36.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 2,791 shares of the software maker’s stock worth $869,000 after acquiring an additional 743 shares during the period. D Orazio & Associates Inc. bought a new position in shares of Cadence Design Systems in the first quarter worth $207,000. Element Capital Management LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at $1,860,000. Finally, Leo Wealth LLC acquired a new stake in Cadence Design Systems in the first quarter worth about $225,000. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Needham & Company LLC dropped their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Robert W. Baird increased their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Mizuho started coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Finally, Loop Capital initiated coverage on Cadence Design Systems in a research note on Monday. They set a “buy” rating and a $360.00 target price for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Price Performance

CDNS opened at $297.77 on Wednesday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-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 firm has a market capitalization of $81.67 billion, a P/E ratio of 78.98, a PEG ratio of 3.68 and a beta of 1.02. The stock has a fifty day moving average of $270.73 and a 200-day moving average of $282.30.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the previous year, the business posted $1.01 EPS. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the sale, the director now directly owns 45,051 shares in the company, valued at approximately $12,444,888.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the transaction, the director now directly owns 45,051 shares in the company, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,347 shares of company stock valued at $7,734,616 in the last quarter. Company insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.