Cutter & CO Brokerage Inc. Increases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cutter & CO Brokerage Inc. boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 928 shares of the software maker’s stock after buying an additional 99 shares during the quarter. Cutter & CO Brokerage Inc.’s holdings in Cadence Design Systems were worth $252,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. boosted its stake in Cadence Design Systems by 112.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 3,473 shares of the software maker’s stock worth $941,000 after buying an additional 1,837 shares during the period. abrdn plc boosted its stake in shares of Cadence Design Systems by 2.1% in the third quarter. abrdn plc now owns 604,171 shares of the software maker’s stock valued at $162,948,000 after purchasing an additional 12,254 shares during the period. Smith Group Asset Management LLC boosted its stake in shares of Cadence Design Systems by 1.8% in the third quarter. Smith Group Asset Management LLC now owns 96,375 shares of the software maker’s stock valued at $26,121,000 after purchasing an additional 1,686 shares during the period. Concord Wealth Partners boosted its stake in shares of Cadence Design Systems by 7.7% in the third quarter. Concord Wealth Partners now owns 3,080 shares of the software maker’s stock valued at $835,000 after purchasing an additional 219 shares during the period. Finally, Vivid Wealth Management LLC boosted its stake in shares of Cadence Design Systems by 12.9% in the third quarter. Vivid Wealth Management LLC now owns 7,581 shares of the software maker’s stock valued at $2,055,000 after purchasing an additional 867 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the sale, the director now owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the transaction, the director now owns 45,051 shares of the company’s stock, valued at $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,347 shares of company stock valued at $7,728,272. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Trading Up 9.3 %

NASDAQ CDNS traded up $23.48 during mid-day trading on Tuesday, hitting $276.25. The company’s stock had a trading volume of 1,516,564 shares, compared to its average volume of 1,737,531. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a 52-week low of $230.65 and a 52-week high of $328.99. The stock’s fifty day simple moving average is $266.84 and its two-hundred day simple moving average is $282.13. The firm has a market capitalization of $75.26 billion, a P/E ratio of 71.93, a price-to-earnings-growth ratio of 3.03 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data 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 25.36% and a return on equity of 29.54%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the company earned $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. Research analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on CDNS. Mizuho initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Oppenheimer started coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday. Finally, Robert W. Baird upped their price objective 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $323.17.

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.