Financial Advocates Investment Management Has $384,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Financial Advocates Investment Management cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,417 shares of the software maker’s stock after selling 48 shares during the quarter. Financial Advocates Investment Management’s holdings in Cadence Design Systems were worth $384,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Pinnacle Associates Ltd. increased its stake in Cadence Design Systems by 7.9% during the 3rd quarter. Pinnacle Associates Ltd. now owns 999 shares of the software maker’s stock worth $272,000 after acquiring an additional 73 shares during the period. First Trust Direct Indexing L.P. grew its holdings in shares of Cadence Design Systems by 3.7% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 8,634 shares of the software maker’s stock worth $2,340,000 after purchasing an additional 307 shares in the last quarter. Creekmur Asset Management LLC increased its position in shares of Cadence Design Systems by 323.3% in the third quarter. Creekmur Asset Management LLC now owns 3,001 shares of the software maker’s stock worth $813,000 after purchasing an additional 2,292 shares during the period. Pathway Financial Advisers LLC raised its stake in Cadence Design Systems by 27,003.6% in the third quarter. Pathway Financial Advisers LLC now owns 15,178 shares of the software maker’s stock valued at $4,114,000 after purchasing an additional 15,122 shares in the last quarter. Finally, WD Rutherford LLC grew its stake in Cadence Design Systems by 65.8% during the third quarter. WD Rutherford LLC now owns 7,503 shares of the software maker’s stock worth $2,034,000 after buying an additional 2,978 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling

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 stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s 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 in the company, 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 Securities & Exchange Commission, which can be accessed through this link. Also, SVP Karna Nisewaner sold 659 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the sale, the senior vice president now owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. 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 27,697 shares of company stock valued at $7,555,216 over the last 90 days. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $282.09 on Monday. The firm has a market capitalization of $77.37 billion, a price-to-earnings ratio of 74.04, a PEG ratio of 3.38 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 1.32 and a debt-to-equity ratio of 0.54. The business’s 50-day moving average price is $267.18 and its 200-day moving average price is $281.64. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping 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 business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the company earned $1.01 EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on CDNS shares. Needham & Company LLC dropped their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Piper Sandler upgraded 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. Berenberg Bank assumed coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Finally, Oppenheimer started coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $323.17.

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.