Miracle Mile Advisors LLC Has $1.52 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Miracle Mile Advisors LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 21.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,595 shares of the software maker’s stock after buying an additional 993 shares during the period. Miracle Mile Advisors LLC’s holdings in Cadence Design Systems were worth $1,516,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. RiverPark Advisors LLC acquired a new position in Cadence Design Systems during the first quarter worth $26,000. ORG Partners LLC boosted its position in 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 bought a new position in Cadence Design Systems during the first quarter worth $32,000. Hollencrest Capital Management boosted its position 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 purchasing an additional 102 shares during the period. Finally, Rise Advisors LLC bought a new position in Cadence Design Systems during the first quarter worth $45,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CDNS shares. KeyCorp lifted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Monday. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Finally, Robert W. Baird reduced their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $323.60.

Cadence Design Systems Stock Down 2.2 %

CDNS stock opened at $262.86 on Tuesday. 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 firm has a market capitalization of $71.61 billion, a PE ratio of 68.45, a PEG ratio of 3.30 and a beta of 1.02. Cadence Design Systems, Inc. has a twelve month low of $228.66 and a twelve month high of $328.99. The stock has a 50-day simple moving average of $267.08 and a two-hundred day simple moving average of $287.52.

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

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total value of $177,736.00. Following the sale, the vice president now directly owns 61,761 shares of the company’s stock, valued at approximately $16,887,927.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total transaction of $177,736.00. Following the sale, the vice president now directly owns 61,761 shares of the company’s stock, valued at $16,887,927.84. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 28,322 shares of company stock valued at $7,768,048. Insiders own 1.99% of the company’s stock.

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.