Sunbelt Securities Inc. Sells 129 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sunbelt Securities Inc. 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 709 shares of the software maker’s stock after selling 129 shares during the period. Sunbelt Securities Inc.’s holdings in Cadence Design Systems were worth $192,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Missouri Trust & Investment Co bought a new position in Cadence Design Systems during the 3rd quarter worth approximately $27,000. ORG Partners LLC grew its holdings in shares of Cadence Design Systems by 911.1% in 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 during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems in the third quarter worth $28,000. Prestige Wealth Management Group LLC raised its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares during the last quarter. Finally, Chilton Capital Management LLC grew its holdings in 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 acquiring an additional 122 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDNS has been the topic of several recent analyst reports. Loop Capital began coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday. Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. 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. Finally, Robert W. Baird raised their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $327.92.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total value of $177,736.00. Following the completion of the sale, the vice president now directly owns 61,761 shares in the company, valued at approximately $16,887,927.84. This trade represents a 1.04 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were 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 $4,423,683.42. This represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,634 shares of company stock valued at $1,584,080 over the last 90 days. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 0.5 %

CDNS stock opened at $306.75 on Friday. The business has a 50 day moving average of $289.76 and a 200 day moving average of $285.62. The firm has a market cap of $84.13 billion, a PE ratio of 80.51, a price-to-earnings-growth ratio of 4.19 and a beta of 1.03. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month 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.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly 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. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the firm earned $1.01 EPS. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

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.