Sanctuary Advisors LLC Increases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sanctuary Advisors LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,870 shares of the software maker’s stock after purchasing an additional 3,367 shares during the quarter. Sanctuary Advisors LLC’s holdings in Cadence Design Systems were worth $5,385,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems during the 3rd quarter worth $27,000. ORG Partners LLC boosted its holdings in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $28,000. Prestige Wealth Management Group LLC raised its stake in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares in the last quarter. Finally, Chilton Capital Management LLC raised its stake in shares of Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after buying an additional 122 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now owns 43,551 shares in the company, valued at $12,019,204.98. This trade represents a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the sale, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. This represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,634 shares of company stock valued at $1,584,080 in the last ninety days. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of analyst reports. Needham & Company LLC decreased their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Berenberg Bank began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Finally, Robert W. Baird lifted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $327.92.

Cadence Design Systems Price Performance

CDNS stock opened at $306.75 on Monday. The stock’s 50 day moving average price is $289.76 and its 200 day moving average price is $285.57. The firm has a market cap of $84.13 billion, a P/E ratio of 80.51, a PEG ratio of 4.19 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. 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 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. The business 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 business’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.01 earnings per share. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Cadence Design Systems 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.