Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 48.9% during the third quarter, Holdings Channel reports. The fund owned 41,502 shares of the software maker’s stock after selling 39,654 shares during the quarter. Meritage Portfolio Management’s holdings in Cadence Design Systems were worth $11,248,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Carr Financial Group Corp increased its stake in Cadence Design Systems by 38.8% in the third quarter. Carr Financial Group Corp now owns 1,388 shares of the software maker’s stock valued at $376,000 after purchasing an additional 388 shares during the last quarter. Objective Capital Management LLC acquired a new stake in shares of Cadence Design Systems in the third quarter worth approximately $430,000. Bridges Investment Management Inc. purchased a new stake in Cadence Design Systems in the third quarter valued at approximately $19,669,000. Verdence Capital Advisors LLC purchased a new stake in Cadence Design Systems in the third quarter valued at approximately $413,000. Finally, CWA Asset Management Group LLC purchased a new position in Cadence Design Systems during the third quarter worth approximately $1,213,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 0.2 %

Shares of NASDAQ:CDNS traded down $0.47 during trading on Friday, hitting $301.25. The company’s stock had a trading volume of 1,242,846 shares, compared to its average volume of 2,526,059. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The stock’s 50-day moving average price is $270.09 and its two-hundred day moving average price is $282.10. 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 has a market capitalization of $82.62 billion, a PE ratio of 79.07, a PEG ratio of 3.63 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 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 return on equity of 28.49% and a net margin of 23.87%. The business’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 EPS. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the completion of the transaction, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,347 shares of company stock valued at $7,734,616. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CDNS shares. Mizuho started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. 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 report on Tuesday, August 6th. 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 cut their target price on shares of 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $323.17.

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.