AlphaCentric Advisors LLC Takes $339,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

AlphaCentric Advisors LLC acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 1,250 shares of the software maker’s stock, valued at approximately $339,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CDNS. Norden Group LLC grew its position in Cadence Design Systems by 25.0% during the 1st quarter. Norden Group LLC now owns 945 shares of the software maker’s stock worth $294,000 after acquiring an additional 189 shares during the last quarter. Private Advisor Group LLC grew its position in Cadence Design Systems by 1.1% during the 1st quarter. Private Advisor Group LLC now owns 5,532 shares of the software maker’s stock worth $1,722,000 after acquiring an additional 58 shares during the last quarter. RiverPark Advisors LLC bought a new stake in Cadence Design Systems during the 1st quarter worth $26,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Cadence Design Systems during the 1st quarter worth $300,000. Finally, Callan Capital LLC bought a new stake in Cadence Design Systems during the 1st quarter worth $250,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 2.6 %

Shares of NASDAQ:CDNS opened at $289.34 on Tuesday. The company has a market capitalization of $79.35 billion, a price-to-earnings ratio of 75.94, a P/E/G ratio of 3.45 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The business’s 50-day moving average is $267.60 and its 200-day moving average is $281.67. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the business earned $1.01 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CDNS shares. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research report on Tuesday, August 6th. Robert W. Baird upped their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research 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. 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, October 29th. Finally, Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $323.17.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now directly owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the sale, the director now directly owns 42,051 shares of the company’s stock, valued at $11,928,186.66. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,697 shares of company stock valued at $7,555,216. 0.62% 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.