Moran Wealth Management LLC Reduces Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Moran Wealth Management LLC lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 160,439 shares of the software maker’s stock after selling 4,471 shares during the period. Cadence Design Systems accounts for approximately 1.3% of Moran Wealth Management LLC’s holdings, making the stock its 9th biggest position. Moran Wealth Management LLC’s holdings in Cadence Design Systems were worth $43,484,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. ORG Partners LLC boosted its holdings in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares in the last quarter. Missouri Trust & Investment Co bought a new position in Cadence Design Systems during the 3rd quarter valued at about $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems during the 3rd quarter valued at about $28,000. Chilton Capital Management LLC lifted its stake 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 acquiring an additional 122 shares during the period. Finally, Larson Financial Group LLC lifted its stake 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 acquiring an additional 123 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now owns 61,111 shares in the company, valued at $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Karna Nisewaner sold 659 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the sale, the senior vice president now owns 16,029 shares in the company, valued at approximately $4,423,683.42. The trade was a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock worth $4,217,635 over the last quarter. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded down $2.75 during midday trading on Wednesday, reaching $296.88. 270,232 shares of the stock traded hands, compared to its average volume of 1,765,905. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The stock has a market capitalization of $81.42 billion, a PE ratio of 78.64, a P/E/G ratio of 3.93 and a beta of 1.02. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company’s 50 day moving average is $276.20 and its 200 day moving average is $283.13.

Cadence Design Systems (NASDAQ:CDNS) last issued 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 during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s revenue was up 18.8% on a year-over-year basis. During the same period last year, the company earned $1.01 earnings per share. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

CDNS has been the topic of several research analyst reports. Mizuho initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price on the stock. Loop Capital started coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Oppenheimer started 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 target for the company. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

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.