Whittier Trust Co. of Nevada Inc. Sells 497 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Whittier Trust Co. of Nevada Inc. lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,160 shares of the software maker’s stock after selling 497 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Cadence Design Systems were worth $585,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Bedrijfstakpensioenfonds Voor DE Media PNO raised its position in Cadence Design Systems by 36.4% in the 3rd quarter. Bedrijfstakpensioenfonds Voor DE Media PNO now owns 52,500 shares of the software maker’s stock valued at $14,229,000 after buying an additional 14,000 shares during the last quarter. Corundum Group Inc. acquired a new stake in Cadence Design Systems in the 3rd quarter valued at approximately $216,000. Allspring Global Investments Holdings LLC raised its position in Cadence Design Systems by 26.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 711,880 shares of the software maker’s stock valued at $192,941,000 after buying an additional 148,383 shares during the last quarter. Whitaker Myers Wealth Managers LTD. raised its position in Cadence Design Systems by 9.2% in the 3rd quarter. Whitaker Myers Wealth Managers LTD. now owns 1,260 shares of the software maker’s stock valued at $341,000 after buying an additional 106 shares during the last quarter. Finally, Chicago Capital LLC raised its position in Cadence Design Systems by 4.4% in the 3rd quarter. Chicago Capital LLC now owns 47,412 shares of the software maker’s stock valued at $12,850,000 after buying an additional 2,008 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Berenberg Bank assumed coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. KeyCorp upped 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 price objective on shares of Cadence Design Systems in a research note on Monday, October 7th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research note on Tuesday, August 6th. Finally, Mizuho initiated coverage on Cadence Design Systems in a research note on Tuesday. They set an “outperform” rating and a $325.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $323.42.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the sale, the director now directly owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,347 shares of company stock valued at $7,728,272 in the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Down 0.6 %

CDNS opened at $251.51 on Wednesday. Cadence Design Systems, Inc. has a 1-year low of $228.66 and a 1-year high of $328.99. The stock’s fifty day simple moving average is $268.93 and its 200 day simple moving average is $283.73. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The stock has a market cap of $68.52 billion, a PE ratio of 65.50, a price-to-earnings-growth ratio of 3.37 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 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 firm 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 firm posted $0.94 EPS. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current 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.