Harbor Capital Advisors Inc. Has $3.84 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Harbor Capital Advisors Inc. lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,164 shares of the software maker’s stock after acquiring an additional 669 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Cadence Design Systems were worth $3,839,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDNS. RiverPark Advisors LLC purchased a new stake in shares of Cadence Design Systems in the first quarter valued at $26,000. ORG Partners LLC increased its holdings in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares during the period. Chilton Capital Management LLC lifted its position 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 purchasing an additional 122 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of Cadence Design Systems by 159.7% during the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock worth $62,000 after purchasing an additional 123 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Cadence Design Systems during the second quarter valued at approximately $69,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the transaction, the director now directly owns 42,051 shares in the company, valued at $11,928,186.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total transaction of $177,736.00. Following the completion of the transaction, the vice president now owns 61,761 shares of the company’s stock, valued at approximately $16,887,927.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the sale, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,697 shares of company stock valued at $7,555,216 in the last 90 days. 1.99% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CDNS has been the subject of a number of research reports. Needham & Company LLC decreased their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Mizuho began coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price on the stock. Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. One investment 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $323.17.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $282.09 on Monday. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The firm has a fifty day simple moving average of $267.18 and a 200-day simple moving average of $281.64. The company has a current ratio of 2.45, a quick ratio of 1.32 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $77.37 billion, a price-to-earnings ratio of 74.04, a PEG ratio of 3.38 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 23.87% and a return on equity of 28.49%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.01 earnings per share. On average, sell-side analysts expect 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.