Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Lowered by Sigma Planning Corp

Sigma Planning Corp lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 82.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,022 shares of the software maker’s stock after selling 9,324 shares during the quarter. Sigma Planning Corp’s holdings in Cadence Design Systems were worth $548,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. ORG Partners LLC lifted its holdings in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares during the period. Chilton Capital Management LLC lifted its holdings in Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after purchasing an additional 122 shares during the period. Larson Financial Group LLC lifted its holdings in Cadence Design Systems by 159.7% in the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock worth $62,000 after purchasing an additional 123 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Cadence Design Systems in the second quarter worth about $69,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Cadence Design Systems in the second quarter worth about $77,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity

In other news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction dated 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 owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 20.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the transaction, the director now owns 43,551 shares in the company, valued at $12,019,204.98. This represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,634 shares of company stock worth $4,217,635 in the last 90 days. Company insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on CDNS. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Berenberg Bank started coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Needham & Company LLC cut their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Finally, Mizuho started coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $303.04 on Friday. The stock’s 50-day moving average price is $272.61 and its two-hundred day moving average price is $282.58. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company has a market cap of $83.11 billion, a PE ratio of 78.81, a PEG ratio of 3.64 and a beta of 1.02. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 EPS. On average, analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS 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.