DRW Securities LLC Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

DRW Securities LLC boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 113.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,411 shares of the software maker’s stock after purchasing an additional 3,408 shares during the quarter. DRW Securities LLC’s holdings in Cadence Design Systems were worth $1,738,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. Park National Corp OH increased its holdings in Cadence Design Systems by 19.8% during the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after purchasing an additional 22,537 shares during the period. Industrial Alliance Investment Management Inc. grew its holdings in shares of Cadence Design Systems by 83.4% during the first quarter. Industrial Alliance Investment Management Inc. now owns 4,505 shares of the software maker’s stock valued at $1,402,000 after buying an additional 2,048 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after purchasing an additional 310,250 shares in the last quarter. SG Americas Securities LLC lifted its stake in Cadence Design Systems by 88.4% during the 2nd quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock valued at $16,625,000 after acquiring an additional 25,347 shares during the period. Finally, Teamwork Financial Advisors LLC boosted its holdings in shares of Cadence Design Systems by 19.4% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock valued at $3,559,000 after acquiring an additional 2,136 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This trade represents a 20.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now owns 64,544 shares of the company’s stock, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,634 shares of company stock valued at $4,217,635 over the last ninety days. 0.62% of the stock is owned by insiders.

Cadence Design Systems Trading Up 1.7 %

Shares of CDNS stock opened at $311.87 on Monday. The stock’s 50-day moving average price is $278.58 and its 200-day moving average price is $283.63. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The stock has a market capitalization of $85.53 billion, a price-to-earnings ratio of 81.86, a price-to-earnings-growth ratio of 4.23 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion during 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%. Cadence Design Systems’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the firm posted $1.01 earnings per share. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday. They set an “overweight” rating and a $350.00 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 research report on Tuesday, August 6th. Finally, Mizuho began 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 target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $326.00.

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.