Creative Planning Grows Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Creative Planning increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 48,389 shares of the software maker’s stock after purchasing an additional 4,038 shares during the period. Creative Planning’s holdings in Cadence Design Systems were worth $13,115,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its stake in Cadence Design Systems by 21.2% during the first quarter. International Assets Investment Management LLC now owns 1,237 shares of the software maker’s stock worth $386,000 after purchasing an additional 216 shares during the period. Annex Advisory Services LLC increased its stake in Cadence Design Systems by 74.1% during the 1st quarter. Annex Advisory Services LLC now owns 2,350 shares of the software maker’s stock worth $732,000 after buying an additional 1,000 shares during the period. Riverview Trust Co acquired a new stake in Cadence Design Systems during the 1st quarter worth approximately $124,000. Sunbelt Securities Inc. boosted its position in Cadence Design Systems by 18.7% in the 1st quarter. Sunbelt Securities Inc. now owns 865 shares of the software maker’s stock valued at $269,000 after buying an additional 136 shares during the period. Finally, Brookstone Capital Management grew its stake in shares of Cadence Design Systems by 15.4% in the first quarter. Brookstone Capital Management now owns 1,037 shares of the software maker’s stock worth $323,000 after acquiring an additional 138 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 28,347 shares of company stock valued at $7,728,272. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on CDNS shares. 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. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, October 7th. Robert W. Baird decreased their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. Finally, Oppenheimer initiated coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $323.27.

Cadence Design Systems Trading Down 2.1 %

CDNS opened at $253.15 on Tuesday. The firm has a market cap of $68.96 billion, a price-to-earnings ratio of 65.92, a price-to-earnings-growth ratio of 3.37 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $228.66 and a 52 week high of $328.99. The business’s 50 day moving average is $269.32 and its two-hundred day moving average is $284.12. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the company posted $0.94 earnings per share. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current 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.