Invictus Private Wealth LLC Trims Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Invictus Private Wealth LLC decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 1,161 shares of the software maker’s stock after selling 221 shares during the period. Invictus Private Wealth LLC’s holdings in Cadence Design Systems were worth $315,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CDNS. Norden Group LLC lifted its stake in shares of Cadence Design Systems by 25.0% during the first quarter. Norden Group LLC now owns 945 shares of the software maker’s stock valued at $294,000 after buying an additional 189 shares during the period. Private Advisor Group LLC increased its position in Cadence Design Systems by 1.1% during the first quarter. Private Advisor Group LLC now owns 5,532 shares of the software maker’s stock worth $1,722,000 after purchasing an additional 58 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Cadence Design Systems during the first quarter worth approximately $300,000. Catalina Capital Group LLC acquired a new position in Cadence Design Systems during the first quarter worth approximately $309,000. Finally, Csenge Advisory Group increased its position in Cadence Design Systems by 3.8% during the first quarter. Csenge Advisory Group now owns 3,137 shares of the software maker’s stock worth $976,000 after purchasing an additional 116 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $291.21 on Wednesday. The company has a market capitalization of $79.87 billion, a PE ratio of 76.43, a price-to-earnings-growth ratio of 3.45 and a beta of 1.02. The firm has a fifty day simple moving average of $268.05 and a 200-day simple moving average of $281.74. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. 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 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 earnings per share. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at $26,366,954.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at $26,366,954.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now owns 42,051 shares in the company, valued at $11,928,186.66. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,347 shares of company stock worth $7,734,616 in the last ninety days. 0.62% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research analyst reports. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Mizuho started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target for the company. Robert W. Baird increased 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, October 29th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Finally, Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average 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.