Advisor Resource Council Invests $202,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Advisor Resource Council bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the third quarter, Holdings Channel reports. The firm bought 744 shares of the software maker’s stock, valued at approximately $202,000.

Other hedge funds have also recently modified their holdings of the company. ORG Partners LLC boosted 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 purchasing an additional 82 shares in the last quarter. Chilton Capital Management LLC boosted its position in Cadence Design Systems by 244.0% during 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 in the last quarter. Larson Financial Group LLC boosted its position in Cadence Design Systems by 159.7% during 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 in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Cadence Design Systems during the second quarter worth approximately $69,000. Finally, Opal Wealth Advisors LLC purchased a new position in Cadence Design Systems during the second quarter worth approximately $77,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on CDNS shares. Berenberg Bank started coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Oppenheimer started coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Robert W. Baird increased their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Piper Sandler raised 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, Needham & Company LLC cut their price target 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 analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $323.17.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the transaction, the director now owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,347 shares of company stock worth $7,734,616 over the last ninety days. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $301.72 on Friday. The business has a fifty day moving average of $268.72 and a two-hundred day moving average of $281.85. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market cap of $82.75 billion, a price-to-earnings ratio of 79.19, a price-to-earnings-growth ratio of 3.54 and a beta of 1.02. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99.

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, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the business posted $1.01 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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.