Blue Trust Inc. Buys 3,047 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Blue Trust Inc. boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 178.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,752 shares of the software maker’s stock after acquiring an additional 3,047 shares during the period. Blue Trust Inc.’s holdings in Cadence Design Systems were worth $1,288,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC raised its stake in Cadence Design Systems by 223.8% in the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after acquiring an additional 6,346 shares during the period. Norden Group LLC lifted its stake in shares of Cadence Design Systems by 1,659.3% during the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after buying an additional 12,544 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after buying an additional 468,195 shares during the period. Park National Corp OH grew its stake in Cadence Design Systems by 19.8% in the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after buying an additional 22,537 shares in the last quarter. Finally, Teamwork Financial Advisors LLC raised its holdings in Cadence Design Systems by 40.0% during the 1st quarter. Teamwork Financial Advisors LLC now owns 35,151 shares of the software maker’s stock valued at $10,942,000 after acquiring an additional 10,037 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,347 shares of company stock valued at $7,728,272. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Down 1.7 %

Shares of NASDAQ:CDNS opened at $258.52 on Friday. The firm has a market capitalization of $70.43 billion, a PE ratio of 67.32, a price-to-earnings-growth ratio of 3.37 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a 52-week low of $228.66 and a 52-week high of $328.99. The firm has a fifty day moving average of $269.59 and a 200 day moving average of $284.68.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Robert W. Baird cut their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a report on Tuesday, August 6th. Oppenheimer began coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Berenberg Bank started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $323.27.

About Cadence Design Systems

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.