Mizuho Securities USA LLC Decreases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mizuho Securities USA LLC reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,756 shares of the software maker’s stock after selling 3,222 shares during the period. Mizuho Securities USA LLC’s holdings in Cadence Design Systems were worth $4,812,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. 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. Dudley Capital Management LLC increased its holdings in shares of Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after buying an additional 39 shares during the period. Trust Point Inc. lifted its stake in shares of Cadence Design Systems by 2.9% in the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after acquiring an additional 40 shares during the last quarter. Falcon Wealth Planning boosted its holdings in Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after acquiring an additional 40 shares during the period. Finally, Fifth Third Wealth Advisors LLC increased its stake in Cadence Design Systems by 0.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after purchasing an additional 40 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Up 0.8 %

CDNS opened at $306.39 on Friday. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock has a market cap of $84.03 billion, a price-to-earnings ratio of 80.42, a price-to-earnings-growth ratio of 4.07 and a beta of 1.02. The firm’s fifty day moving average is $277.72 and its 200 day moving average is $283.44.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.01 EPS. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’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 owns 42,051 shares in the company, valued at $11,928,186.66. This trade represents a 3.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. This trade represents a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,634 shares of company stock valued at $4,217,635. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CDNS. Oppenheimer began coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Needham & Company LLC reduced their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. 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. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently 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.