B. Riley Wealth Advisors Inc. Sells 920 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

B. Riley Wealth Advisors Inc. trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 4,559 shares of the software maker’s stock after selling 920 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Cadence Design Systems were worth $1,403,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Campbell & CO Investment Adviser LLC raised its holdings in shares of Cadence Design Systems by 56.6% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 4,096 shares of the software maker’s stock valued at $1,116,000 after purchasing an additional 1,481 shares during the last quarter. Belpointe Asset Management LLC raised its stake in Cadence Design Systems by 211.8% during the 4th quarter. Belpointe Asset Management LLC now owns 2,975 shares of the software maker’s stock valued at $810,000 after buying an additional 2,021 shares during the last quarter. Lake Street Advisors Group LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at $535,000. Tower Research Capital LLC TRC boosted its stake in shares of Cadence Design Systems by 159.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 51,314 shares of the software maker’s stock worth $13,976,000 after buying an additional 31,516 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado grew its holdings in shares of Cadence Design Systems by 555.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 40,680 shares of the software maker’s stock worth $11,080,000 after acquiring an additional 34,474 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the sale, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. The disclosure for this sale can be found here. Insiders sold 27,672 shares of company stock valued at $7,590,312 in the last three months. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $267.01 on Thursday. The business’s 50-day simple moving average is $266.73 and its two-hundred day simple moving average is $288.27. The stock has a market cap of $72.74 billion, a PE ratio of 69.53, a P/E/G ratio of 3.30 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $227.77 and a 52 week high of $328.99. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

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

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CDNS shares. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Robert W. Baird reduced their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Finally, KeyCorp raised their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $323.60.

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.