Financial Counselors Inc. Grows Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Financial Counselors Inc. increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 354.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 5,504 shares of the software maker’s stock after purchasing an additional 4,292 shares during the period. Financial Counselors Inc.’s holdings in Cadence Design Systems were worth $1,492,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CDNS. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems in the 3rd quarter valued at about $27,000. ORG Partners LLC lifted its position 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. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems in the third quarter valued at approximately $28,000. Chilton Capital Management LLC grew its holdings 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 valued at $53,000 after purchasing an additional 122 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its stake in Cadence Design Systems by 30.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after buying an additional 47 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the sale, the director now directly owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the transaction, the senior vice president now owns 16,029 shares in the company, valued at approximately $4,423,683.42. This trade represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,634 shares of company stock valued at $1,558,535. 1.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on CDNS. Loop Capital started coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Oppenheimer started coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. Robert W. Baird upped their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Mizuho initiated coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $306.81 on Friday. The company has a market capitalization of $84.15 billion, a price-to-earnings ratio of 80.53, a price-to-earnings-growth ratio of 4.14 and a beta of 1.02. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a 50 day moving average price of $281.92 and a 200 day moving average price of $284.42.

Cadence Design Systems (NASDAQ:CDNS) last issued 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. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the business posted $1.01 EPS. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. Research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal 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.