First Long Island Investors LLC Makes New $4.16 Million Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

First Long Island Investors LLC purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,358 shares of the software maker’s stock, valued at approximately $4,162,000.

Several other large investors also recently modified their holdings of the business. Empowered Funds LLC increased its holdings in shares of Cadence Design Systems by 13.3% in the third quarter. Empowered Funds LLC now owns 12,974 shares of the software maker’s stock worth $3,516,000 after acquiring an additional 1,526 shares in the last quarter. Empirical Finance LLC increased its holdings in shares of Cadence Design Systems by 2.2% in the third quarter. Empirical Finance LLC now owns 9,313 shares of the software maker’s stock worth $2,524,000 after acquiring an additional 199 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its holdings in shares of Cadence Design Systems by 0.8% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 8,044 shares of the software maker’s stock worth $2,180,000 after acquiring an additional 67 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Cadence Design Systems by 6.4% in the third quarter. CIBC Asset Management Inc now owns 84,910 shares of the software maker’s stock worth $23,013,000 after acquiring an additional 5,113 shares in the last quarter. Finally, OneDigital Investment Advisors LLC increased its holdings in shares of Cadence Design Systems by 63.5% in the third quarter. OneDigital Investment Advisors LLC now owns 3,477 shares of the software maker’s stock worth $942,000 after acquiring an additional 1,350 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CDNS has been the subject of several recent research reports. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Mizuho initiated coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This trade represents a 20.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the transaction, the director now owns 43,551 shares in the company, valued at approximately $12,019,204.98. This trade represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,634 shares of company stock worth $4,217,635. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded down $12.24 on Friday, hitting $290.80. The company’s stock had a trading volume of 350,060 shares, compared to its average volume of 1,769,172. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average of $273.65 and a two-hundred day moving average of $282.72. The firm has a market capitalization of $79.75 billion, a P/E ratio of 77.22, a price-to-earnings-growth ratio of 3.75 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.

Cadence Design Systems (NASDAQ:CDNS) last released 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 firm had revenue of $1.22 billion for the quarter, compared to analyst estimates 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 for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.01 earnings per share. Research analysts predict that Cadence Design Systems, Inc. will post 4.75 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.