Nwam LLC Lowers Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Nwam LLC decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,023 shares of the software maker’s stock after selling 273 shares during the period. Nwam LLC’s holdings in Cadence Design Systems were worth $2,174,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CDNS. London & Capital Asset Management Ltd lifted its stake in Cadence Design Systems by 1.8% during the 1st quarter. London & Capital Asset Management Ltd now owns 84,971 shares of the software maker’s stock worth $26,450,000 after acquiring an additional 1,501 shares in the last quarter. Mount Yale Investment Advisors LLC acquired a new position in Cadence Design Systems during the 1st quarter worth about $318,000. Ascent Group LLC lifted its stake in Cadence Design Systems by 6.2% during the 1st quarter. Ascent Group LLC now owns 3,593 shares of the software maker’s stock worth $1,118,000 after acquiring an additional 211 shares in the last quarter. Bornite Capital Management LP acquired a new position in Cadence Design Systems during the 1st quarter worth about $6,226,000. Finally, Silvercrest Asset Management Group LLC lifted its stake in Cadence Design Systems by 25.8% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 14,817 shares of the software maker’s stock worth $4,612,000 after acquiring an additional 3,038 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems 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 transaction, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 3.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now owns 61,111 shares in the company, 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. Insiders have sold 15,634 shares of company stock worth $4,217,635 in the last quarter. 1.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Robert W. Baird increased 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 assumed 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. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One equities 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 stock. According to MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Trading Up 1.7 %

CDNS opened at $311.87 on Friday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company has a market cap of $85.53 billion, a P/E ratio of 81.86, a PEG ratio of 4.16 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The business’s 50-day simple moving average is $278.58 and its 200-day simple moving average is $283.62.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly 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. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.01 EPS. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal 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.