Raymond James Trust N.A. Purchases 283 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Raymond James Trust N.A. boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,083 shares of the software maker’s stock after buying an additional 283 shares during the period. Raymond James Trust N.A.’s holdings in Cadence Design Systems were worth $1,378,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CDNS. ORG Partners LLC grew its holdings 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 purchasing an additional 82 shares in the last quarter. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems during the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems in the 3rd quarter worth approximately $28,000. Chilton Capital Management LLC increased its holdings in shares of Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after buying an additional 122 shares during the last quarter. Finally, Larson Financial Group LLC raised its position in shares of Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after buying an additional 123 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on CDNS. Piper Sandler raised 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. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Mizuho started coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price for the company. Needham & Company LLC reduced 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 research report on Tuesday, October 29th. Finally, Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Activity

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The trade was a 20.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the transaction, the director now directly owns 42,051 shares of the company’s stock, valued at $11,928,186.66. This represents a 3.44 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,634 shares of company stock valued at $4,217,635. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $311.87 on Friday. The stock has a market capitalization of $85.53 billion, a price-to-earnings ratio of 81.86, a PEG ratio of 4.16 and a beta of 1.02. The firm’s 50-day moving average price is $278.58 and its two-hundred day moving average price is $283.62. 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, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

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, topping the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the firm earned $1.01 earnings per share. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Cadence Design Systems 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.