Caprock Group LLC Trims Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Caprock Group LLC cut its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 10,461 shares of the software maker’s stock after selling 1,058 shares during the quarter. Caprock Group LLC’s holdings in Cadence Design Systems were worth $2,835,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at $27,000. ORG Partners LLC boosted its holdings in shares of 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 during the period. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems in the third quarter worth about $28,000. Chilton Capital Management LLC increased its holdings in Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after purchasing an additional 122 shares during the period. Finally, Larson Financial Group LLC raised its position in Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after purchasing an additional 123 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Up 1.8 %

Shares of NASDAQ:CDNS opened at $299.63 on Wednesday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The stock has a market capitalization of $82.18 billion, a price-to-earnings ratio of 78.64, a PEG ratio of 3.93 and a beta of 1.02. The stock has a fifty day simple moving average of $276.20 and a two-hundred day simple moving average of $283.13. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion for 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%. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.01 EPS. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Activity 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 shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 20.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders sold 15,634 shares of company stock valued at $4,217,635 over the last 90 days. Corporate insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the topic of several research analyst reports. Needham & Company LLC reduced their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Oppenheimer began coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. 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. Finally, Mizuho assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

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.