BNC Wealth Management LLC Acquires 1,202 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

BNC Wealth Management LLC raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 21,772 shares of the software maker’s stock after acquiring an additional 1,202 shares during the quarter. Cadence Design Systems comprises approximately 2.2% of BNC Wealth Management LLC’s portfolio, making the stock its 12th biggest holding. BNC Wealth Management LLC’s holdings in Cadence Design Systems were worth $5,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Market Strategies LLC lifted its stake in Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after purchasing an additional 39 shares during the last quarter. Inspire Advisors LLC grew its holdings in shares of Cadence Design Systems by 1.8% in the first quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after purchasing an additional 40 shares during the last quarter. Trust Point Inc. grew its stake in Cadence Design Systems by 2.9% in the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after acquiring an additional 40 shares in the last quarter. Falcon Wealth Planning boosted its holdings in shares of Cadence Design Systems by 5.1% in the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after purchasing an additional 40 shares during the period. Finally, Venture Visionary Partners LLC increased its holdings in Cadence Design Systems by 2.5% during the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after purchasing an additional 41 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 1.9 %

Shares of Cadence Design Systems stock opened at $296.75 on Thursday. The stock has a market cap of $81.39 billion, a PE ratio of 77.89, a price-to-earnings-growth ratio of 3.54 and a beta of 1.02. The firm has a fifty day moving average price of $268.72 and a 200 day moving average price of $281.85. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results 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 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 revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.01 EPS. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Needham & Company LLC cut their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $323.17.

Insider Activity

In other news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the transaction, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Paul Cunningham sold 650 shares of the firm’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 value of $179,400.00. Following the transaction, the vice president now owns 61,111 shares in the company, valued at $16,866,636. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $26,366,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,347 shares of company stock worth $7,734,616 over the last three months. 0.62% of the stock is currently owned by corporate insiders.

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.