Headinvest LLC Invests $682,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Headinvest LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the third quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 2,516 shares of the software maker’s stock, valued at approximately $682,000.

Other hedge funds have also bought and sold shares of the company. Orion Portfolio Solutions LLC lifted its holdings in shares of Cadence Design Systems by 66.0% during the third quarter. Orion Portfolio Solutions LLC now owns 17,384 shares of the software maker’s stock valued at $4,711,000 after purchasing an additional 6,910 shares during the last quarter. World Investment Advisors LLC raised its stake in Cadence Design Systems by 12,213.4% during the third quarter. World Investment Advisors LLC now owns 121,410 shares of the software maker’s stock valued at $32,906,000 after buying an additional 120,424 shares during the last quarter. Zega Financial LLC bought a new stake in Cadence Design Systems in the third quarter worth $242,000. iSAM Funds UK Ltd bought a new stake in Cadence Design Systems in the third quarter worth $586,000. Finally, DF Dent & Co. Inc. purchased a new stake in shares of Cadence Design Systems in the third quarter worth $53,099,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $307.51 on Friday. The firm’s 50 day moving average price is $285.75 and its 200-day moving average price is $285.17. 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 market capitalization of $84.34 billion, a PE ratio of 80.71, a price-to-earnings-growth ratio of 4.41 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.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates 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 revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the firm earned $1.01 EPS. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on CDNS. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective on the stock. Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Berenberg Bank assumed coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 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 $413,970.00. Following the transaction, the director now owns 43,551 shares in the company, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on 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 owns 61,761 shares of the company’s stock, valued at $16,887,927.84. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,634 shares of company stock worth $1,584,080. 1.99% of the stock is owned by company insiders.

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.