Brookstone Capital Management Boosts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brookstone Capital Management grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,674 shares of the software maker’s stock after acquiring an additional 1,729 shares during the period. Brookstone Capital Management’s holdings in Cadence Design Systems were worth $2,893,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Dynamic Advisor Solutions LLC raised its stake in shares of Cadence Design Systems by 23.2% during the third quarter. Dynamic Advisor Solutions LLC now owns 3,232 shares of the software maker’s stock valued at $876,000 after acquiring an additional 609 shares during the last quarter. Chesley Taft & Associates LLC bought a new position in Cadence Design Systems in the third quarter worth about $760,000. Miracle Mile Advisors LLC raised its stake in Cadence Design Systems by 21.6% in the third quarter. Miracle Mile Advisors LLC now owns 5,595 shares of the software maker’s stock worth $1,516,000 after buying an additional 993 shares in the last quarter. Consilio Wealth Advisors LLC raised its stake in Cadence Design Systems by 5.2% in the third quarter. Consilio Wealth Advisors LLC now owns 883 shares of the software maker’s stock worth $239,000 after buying an additional 44 shares in the last quarter. Finally, Diversified Trust Co raised its stake in Cadence Design Systems by 242.1% in the third quarter. Diversified Trust Co now owns 11,181 shares of the software maker’s stock worth $3,030,000 after buying an additional 7,913 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CDNS. KeyCorp raised their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Finally, Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $323.60.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total value of $177,736.00. Following the transaction, the vice president now directly owns 61,761 shares in the company, valued at approximately $16,887,927.84. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total value of $177,736.00. Following the transaction, the vice president now directly owns 61,761 shares in the company, valued at approximately $16,887,927.84. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The trade was 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 worth $7,774,637. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 0.4 %

Shares of CDNS stock opened at $280.64 on Friday. Cadence Design Systems, Inc. has a 12-month low of $228.66 and a 12-month high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The firm’s 50 day moving average is $267.73 and its 200 day moving average is $286.68. The stock has a market capitalization of $76.45 billion, a P/E ratio of 72.92, a P/E/G ratio of 3.30 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the company posted $0.94 earnings per share. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. Research analysts expect that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

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.