CreativeOne Wealth LLC Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

CreativeOne Wealth LLC lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 90.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,093 shares of the software maker’s stock after purchasing an additional 2,900 shares during the period. CreativeOne Wealth LLC’s holdings in Cadence Design Systems were worth $1,651,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Capital Market Strategies LLC raised 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 buying an additional 39 shares in the last quarter. Dudley Capital Management LLC raised its stake in 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 in the last quarter. Trust Point Inc. raised its stake in Cadence Design Systems by 2.9% in the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after buying an additional 40 shares in the last quarter. Falcon Wealth Planning raised its stake in Cadence Design Systems by 5.1% in the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after buying an additional 40 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC raised its stake in Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after buying an additional 40 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Down 1.7 %

Shares of CDNS stock opened at $304.68 on Friday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm’s 50 day moving average is $281.26 and its 200 day moving average is $284.26. The stock has a market capitalization of $83.56 billion, a P/E ratio of 79.97, a P/E/G ratio of 4.24 and a beta of 1.02.

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, topping 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 company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the company posted $1.01 earnings per share. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. Research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction on 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 trade represents a 3.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the transaction, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. This represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,634 shares of company stock worth $1,558,535. 0.62% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CDNS shares. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Needham & Company LLC decreased their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Mizuho assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price for the company. Finally, Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems 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.