Wedge Capital Management L L P NC Cuts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wedge Capital Management L L P NC trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.3% in the third quarter, HoldingsChannel.com reports. The fund owned 219,190 shares of the software maker’s stock after selling 704 shares during the period. Cadence Design Systems accounts for 1.0% of Wedge Capital Management L L P NC’s holdings, making the stock its 19th largest position. Wedge Capital Management L L P NC’s holdings in Cadence Design Systems were worth $59,407,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CDNS. RiverPark Advisors LLC purchased a new position in shares of Cadence Design Systems in the first quarter valued at approximately $26,000. ORG Partners LLC boosted its position in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new position in shares of Cadence Design Systems in the first quarter worth $32,000. Hollencrest Capital Management raised its stake in shares of Cadence Design Systems by 637.5% in the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after acquiring an additional 102 shares in the last quarter. Finally, Rise Advisors LLC purchased a new position in Cadence Design Systems in the first quarter valued at $45,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CDNS. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Piper Sandler upgraded 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. KeyCorp raised their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, October 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $323.60.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the transaction, the vice president now directly owns 65,194 shares in the company, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the transaction, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,847 shares of company stock worth $7,302,782. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded down $0.20 during mid-day trading on Monday, reaching $282.19. 430,406 shares of the stock were exchanged, compared to its average volume of 1,696,099. The stock has a market capitalization of $76.88 billion, a P/E ratio of 73.54, a P/E/G ratio of 3.37 and a beta of 1.02. Cadence Design Systems, Inc. has a 1 year low of $228.66 and a 1 year high of $328.99. The company has a 50 day simple moving average of $268.79 and a 200-day simple moving average of $286.02. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal 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.