Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Increased by Nicolet Advisory Services LLC

Nicolet Advisory Services LLC grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,458 shares of the software maker’s stock after purchasing an additional 98 shares during the period. Nicolet Advisory Services LLC’s holdings in Cadence Design Systems were worth $388,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Meridian Wealth Management LLC bought a new position in Cadence Design Systems in the 3rd quarter worth approximately $1,982,000. GM Advisory Group LLC grew its stake in shares of Cadence Design Systems by 11.3% in the third quarter. GM Advisory Group LLC now owns 738 shares of the software maker’s stock worth $200,000 after purchasing an additional 75 shares in the last quarter. Raymond James Trust N.A. increased its holdings in shares of Cadence Design Systems by 5.9% during the third quarter. Raymond James Trust N.A. now owns 5,083 shares of the software maker’s stock valued at $1,378,000 after purchasing an additional 283 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Cadence Design Systems by 2.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,637,455 shares of the software maker’s stock valued at $443,799,000 after purchasing an additional 32,151 shares in the last quarter. Finally, Intech Investment Management LLC lifted its holdings in Cadence Design Systems by 3.7% in the third quarter. Intech Investment Management LLC now owns 14,166 shares of the software maker’s stock worth $3,839,000 after purchasing an additional 499 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of recent analyst reports. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Loop Capital began coverage on Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. 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 research note on Tuesday, October 29th. Mizuho began coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. Finally, Oppenheimer began coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Insiders Place Their Bets

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, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the sale, the vice president now owns 64,544 shares of the company’s stock, valued at approximately $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. In the last three months, insiders have sold 15,634 shares of company stock worth $4,217,635. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 1.7 %

Shares of NASDAQ CDNS opened at $311.87 on Friday. The business has a fifty day simple moving average of $278.58 and a 200-day simple moving average of $283.62. The company has a market cap of $85.53 billion, a price-to-earnings ratio of 81.86, a P/E/G ratio of 4.16 and a beta of 1.02. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month 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.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the firm posted $1.01 earnings per share. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. Sell-side 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.