Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by FDx Advisors Inc.

FDx Advisors Inc. decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 33.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,245 shares of the software maker’s stock after selling 632 shares during the quarter. FDx Advisors Inc.’s holdings in Cadence Design Systems were worth $383,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Gilbert & Cook Inc. increased its stake in Cadence Design Systems by 8.3% during the fourth quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock worth $986,000 after acquiring an additional 278 shares during the last quarter. Private Advisor Group LLC increased its position in Cadence Design Systems by 19.2% during the 4th quarter. Private Advisor Group LLC now owns 5,474 shares of the software maker’s stock worth $1,491,000 after purchasing an additional 881 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Cadence Design Systems in the fourth quarter valued at approximately $214,000. Pinnacle Wealth Management Advisory Group LLC lifted its position in Cadence Design Systems by 11.3% during the fourth quarter. Pinnacle Wealth Management Advisory Group LLC now owns 974 shares of the software maker’s stock valued at $265,000 after buying an additional 99 shares in the last quarter. Finally, Montag A & Associates Inc. grew its stake in Cadence Design Systems by 20.1% during the fourth quarter. Montag A & Associates Inc. now owns 4,984 shares of the software maker’s stock worth $1,357,000 after buying an additional 833 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total value of $191,750.00. Following the completion of the sale, the vice president now owns 66,494 shares of the company’s stock, valued at approximately $19,615,730. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $295.00, for a total value of $191,750.00. Following the completion of the transaction, the vice president now owns 66,494 shares of the company’s stock, valued at approximately $19,615,730. The disclosure for this sale can be found here. Insiders have sold 38,263 shares of company stock worth $10,892,906 in the last ninety days. 1.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. KeyCorp boosted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Finally, Robert W. Baird decreased their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Trading Down 1.3 %

NASDAQ:CDNS opened at $250.85 on Friday. Cadence Design Systems, Inc. has a one year low of $227.05 and a one year high of $328.99. The business’s 50-day simple moving average is $280.32 and its 200 day simple moving average is $293.20. 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 stock has a market cap of $68.34 billion, a price-to-earnings ratio of 65.33, a price-to-earnings-growth ratio of 3.24 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the company posted $0.94 EPS. Cadence Design Systems’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Cadence Design Systems 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.