Aptus Capital Advisors LLC Boosts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Aptus Capital Advisors LLC grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.5% in the third quarter, Holdings Channel reports. The institutional investor owned 3,497 shares of the software maker’s stock after buying an additional 212 shares during the period. Aptus Capital Advisors LLC’s holdings in Cadence Design Systems were worth $948,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in CDNS. Capital Market Strategies LLC lifted its position in Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after purchasing an additional 39 shares during the period. Dudley Capital Management LLC raised its stake in shares of Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after buying an additional 39 shares in the last quarter. Trust Point Inc. lifted its holdings in shares of Cadence Design Systems by 2.9% in the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after buying an additional 40 shares during the period. Falcon Wealth Planning boosted its stake in shares of Cadence Design Systems by 5.1% in the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after buying an additional 40 shares in the last quarter. Finally, Venture Visionary Partners LLC grew its holdings in Cadence Design Systems by 2.5% during the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after acquiring an additional 41 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CDNS. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Needham & Company LLC decreased their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. 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. Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Oppenheimer initiated coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Price Performance

CDNS opened at $303.04 on Friday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company’s 50 day simple moving average is $272.61 and its 200 day simple moving average is $282.58. The stock has a market capitalization of $83.11 billion, a PE ratio of 79.54, a P/E/G ratio of 3.64 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The company 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 business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.01 EPS. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insiders Place Their Bets

In other news, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were 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 of the company’s stock, valued at $10,278,485.14. This represents a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the transaction, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,634 shares of company stock worth $4,217,635 over the last three months. 1.99% of the stock is owned by insiders.

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.