Raymond James Trust N.A. Acquires 283 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Raymond James Trust N.A. raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,083 shares of the software maker’s stock after purchasing an additional 283 shares during the period. Raymond James Trust N.A.’s holdings in Cadence Design Systems were worth $1,378,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CDNS. Jennison Associates LLC increased its position in Cadence Design Systems by 2.7% during the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock valued at $2,061,502,000 after buying an additional 198,230 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after acquiring an additional 572,251 shares in the last quarter. Legal & General Group Plc raised its position in shares of Cadence Design Systems by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock worth $772,187,000 after purchasing an additional 43,654 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Finally, Swedbank AB grew its position in Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. Mizuho began coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price for the company. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Finally, Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday. They issued an “overweight” rating and a $350.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a 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 transaction, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,634 shares of company stock worth $4,217,635 in the last three months. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 1.7 %

Cadence Design Systems stock opened at $311.87 on Friday. The business has a 50-day simple moving average of $278.58 and a two-hundred day simple moving average of $283.62. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. 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 company has a market cap of $85.53 billion, a P/E ratio of 81.86, a P/E/G ratio of 4.16 and a beta of 1.02.

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