Pinnacle Associates Ltd. Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pinnacle Associates Ltd. raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 999 shares of the software maker’s stock after acquiring an additional 73 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Cadence Design Systems were worth $272,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Capital Market Strategies LLC raised its position in shares of Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after acquiring an additional 39 shares during the period. Inspire Advisors LLC raised its holdings in Cadence Design Systems by 1.8% in the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after purchasing an additional 40 shares during the period. Trust Point Inc. boosted its position in Cadence Design Systems by 2.9% during the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after purchasing an additional 40 shares in the last quarter. Venture Visionary Partners LLC grew its holdings in Cadence Design Systems by 2.5% in the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after purchasing an additional 41 shares during the period. Finally, Stonegate Investment Group LLC increased its position in shares of Cadence Design Systems by 1.3% in the third quarter. Stonegate Investment Group LLC now owns 3,274 shares of the software maker’s stock valued at $887,000 after buying an additional 42 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 2.2 %

Shares of CDNS opened at $282.09 on Monday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a quick ratio of 1.32, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a fifty day simple moving average of $267.18 and a two-hundred day simple moving average of $281.64. The company has a market capitalization of $77.37 billion, a PE ratio of 74.04, a price-to-earnings-growth ratio of 3.38 and a beta of 1.02.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on CDNS shares. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Berenberg Bank initiated coverage on shares of 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. Mizuho assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price for the company. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Finally, Needham & Company LLC reduced their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. One research 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $323.17.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the sale, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. 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 available at 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 shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’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 value 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,697 shares of company stock worth $7,555,216. Company insiders own 1.99% of the company’s stock.

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.