Holderness Investments Co. Lowers Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Holderness Investments Co. decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,400 shares of the software maker’s stock after selling 379 shares during the period. Holderness Investments Co.’s holdings in Cadence Design Systems were worth $1,046,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CDNS. Ulland Investment Advisors LLC purchased a new stake in Cadence Design Systems during the 1st quarter valued at approximately $25,000. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems in the first quarter valued at approximately $26,000. ORG Partners LLC lifted its holdings in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems during the first quarter worth $32,000. Finally, Hollencrest Capital Management grew its position in Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after buying an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CDNS. Needham & Company LLC restated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. KeyCorp lifted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Finally, Robert W. Baird decreased their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Trading Down 2.4 %

NASDAQ:CDNS opened at $273.76 on Friday. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The stock has a fifty day simple moving average of $269.55 and a 200-day simple moving average of $290.36. The company has a market capitalization of $74.58 billion, a PE ratio of 71.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.94 earnings per share. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems 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 completion of the transaction, the director now owns 43,551 shares of the company’s stock, valued at $12,019,204.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now directly owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Karna Nisewaner sold 659 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the completion of the transaction, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,272 shares of company stock valued at $10,833,362. 1.99% of the stock is owned by corporate 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.