Empowered Funds LLC Purchases 1,526 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Empowered Funds LLC increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 12,974 shares of the software maker’s stock after purchasing an additional 1,526 shares during the period. Empowered Funds LLC’s holdings in Cadence Design Systems were worth $3,516,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at approximately $27,000. ORG Partners LLC lifted its position 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 acquiring an additional 82 shares in the last quarter. Chilton Capital Management LLC boosted its holdings in shares of Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after acquiring an additional 122 shares during the period. Larson Financial Group LLC grew its position in shares of Cadence Design Systems by 159.7% in the second 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 in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Cadence Design Systems during the 2nd quarter valued at $69,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CDNS shares. Oppenheimer started 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. Berenberg Bank started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. Needham & Company LLC reduced their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Robert W. Baird increased their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Loop Capital began coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $326.00.

Insider Activity at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction on 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 completion of the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 20.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 transaction of $413,970.00. Following the completion of the sale, the director now directly 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. Insiders sold 15,634 shares of company stock worth $4,217,635 in the last ninety days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Trading Up 1.6 %

CDNS stock opened at $294.33 on Tuesday. The company has a market capitalization of $80.72 billion, a PE ratio of 77.25, a price-to-earnings-growth ratio of 3.93 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. 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 price is $275.32 and its two-hundred day moving average price is $283.00.

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 for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.01 EPS. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

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.