HBW Advisory Services LLC Has $488,000 Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

HBW Advisory Services LLC boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 65.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,799 shares of the software maker’s stock after purchasing an additional 709 shares during the quarter. HBW Advisory Services LLC’s holdings in Cadence Design Systems were worth $488,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. RiverPark Advisors LLC acquired a new stake in shares of Cadence Design Systems in the 1st quarter worth about $26,000. ORG Partners LLC lifted its holdings in shares of Cadence Design Systems by 911.1% in the second 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. Annapolis Financial Services LLC purchased a new position in shares of Cadence Design Systems during the first quarter valued at approximately $32,000. Hollencrest Capital Management grew its holdings in Cadence Design Systems by 637.5% during the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after buying an additional 102 shares in the last quarter. Finally, Rise Advisors LLC purchased a new stake in Cadence Design Systems in the 1st quarter valued at $45,000. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the transaction, the vice president now owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the sale, the director now directly owns 43,551 shares in the company, valued at $12,019,204.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the transaction, the vice president now directly owns 65,194 shares in the company, valued at $17,357,250.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,322 shares of company stock worth $7,768,048. 1.99% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. KeyCorp upped their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research report on Tuesday, August 6th. Oppenheimer initiated coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Finally, Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $323.60.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded up $2.86 during midday trading on Friday, hitting $268.65. The company’s stock had a trading volume of 1,095,892 shares, compared to its average volume of 1,711,604. The firm has a market capitalization of $73.19 billion, a price-to-earnings ratio of 69.96, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The stock has a fifty day moving average price of $267.08 and a 200 day moving average price of $287.89. Cadence Design Systems, Inc. has a one year low of $228.66 and a one year high of $328.99.

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

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.