Gilbert & Cook Inc. Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Gilbert & Cook Inc. decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.2% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 3,233 shares of the software maker’s stock after selling 106 shares during the period. Gilbert & Cook Inc.’s holdings in Cadence Design Systems were worth $876,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Capital Market Strategies LLC grew its stake in shares of Cadence Design Systems by 3.1% during the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after acquiring an additional 39 shares during the last quarter. Dudley Capital Management LLC grew its stake in shares of Cadence Design Systems by 4.3% during the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after acquiring an additional 39 shares during the last quarter. Trust Point Inc. grew its stake in shares of Cadence Design Systems by 2.9% during the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after acquiring an additional 40 shares during the last quarter. Falcon Wealth Planning grew its stake in shares of Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after acquiring an additional 40 shares during the last quarter. Finally, Venture Visionary Partners LLC boosted its position in Cadence Design Systems by 2.5% in the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after buying an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 20.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now owns 61,111 shares of the company’s stock, valued at $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of recent research reports. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Loop Capital began 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. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Mizuho began coverage on 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Stock Down 4.4 %

Shares of CDNS opened at $289.71 on Friday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a market capitalization of $79.46 billion, a PE ratio of 76.04, a price-to-earnings-growth ratio of 3.93 and a beta of 1.02. The stock has a fifty day simple moving average of $274.49 and a two-hundred day simple moving average of $282.82. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

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 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 during the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the company earned $1.01 EPS. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

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.