Sendero Wealth Management LLC Purchases New Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sendero Wealth Management LLC purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,181 shares of the software maker’s stock, valued at approximately $1,404,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CDNS. Capital Market Strategies LLC boosted its holdings in shares of Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after purchasing an additional 39 shares during the period. Inspire Advisors LLC lifted its holdings in shares of Cadence Design Systems by 1.8% in the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after buying an additional 40 shares during the period. Wealthcare Advisory Partners LLC grew its position in shares of Cadence Design Systems by 4.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after buying an additional 41 shares in the last quarter. Consilio Wealth Advisors LLC increased its stake in shares of Cadence Design Systems by 5.2% during the third quarter. Consilio Wealth Advisors LLC now owns 883 shares of the software maker’s stock valued at $239,000 after buying an additional 44 shares during the period. Finally, First Affirmative Financial Network raised its holdings in shares of Cadence Design Systems by 3.6% in the first quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after acquiring an additional 46 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $26,366,954.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the transaction, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,322 shares of company stock valued at $7,768,048. 1.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent research reports. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday. Robert W. Baird dropped their target price on 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. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. One 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, the company has a consensus rating of “Moderate Buy” and an average target price of $323.60.

Cadence Design Systems Stock Down 0.1 %

Shares of CDNS traded down $0.21 during midday trading on Thursday, hitting $279.35. 410,897 shares of the company’s stock traded hands, compared to its average volume of 1,701,079. 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 market capitalization of $76.10 billion, a price-to-earnings ratio of 72.92, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. Cadence Design Systems, Inc. has a 1 year low of $228.66 and a 1 year high of $328.99. The firm’s fifty day moving average is $267.73 and its 200-day moving average is $286.68.

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