Townsquare Capital LLC Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Townsquare Capital LLC lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 35.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,664 shares of the software maker’s stock after buying an additional 1,229 shares during the quarter. Townsquare Capital LLC’s holdings in Cadence Design Systems were worth $1,264,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Missouri Trust & Investment Co acquired a new position in shares of Cadence Design Systems during the 3rd quarter worth $27,000. ORG Partners LLC grew its position in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the period. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems in the third quarter valued at about $28,000. Chilton Capital Management LLC lifted its position in shares of Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after acquiring an additional 122 shares during the period. Finally, Meeder Asset Management Inc. grew its holdings in shares of Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after acquiring an additional 47 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was 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 $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 value of $173,478.50. Following the completion of the transaction, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. This represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,634 shares of company stock valued at $1,558,535. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 0.7 %

Shares of Cadence Design Systems stock opened at $306.81 on Monday. The firm has a market cap of $84.15 billion, a PE ratio of 80.53, a P/E/G ratio of 4.17 and a beta of 1.02. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The business’s fifty day moving average is $281.92 and its two-hundred day moving average is $284.37.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates 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 period last year, the company earned $1.01 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of research analyst reports. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Needham & Company LLC decreased their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Robert W. Baird raised their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $326.00.

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.