Sandy Spring Bank Buys 2,388 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sandy Spring Bank lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 29,850.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,396 shares of the software maker’s stock after acquiring an additional 2,388 shares during the period. Sandy Spring Bank’s holdings in Cadence Design Systems were worth $561,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Lindbrook Capital LLC increased its position in Cadence Design Systems by 2.5% in the 3rd quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock worth $432,000 after buying an additional 45 shares during the period. Redhawk Wealth Advisors Inc. increased its position in Cadence Design Systems by 0.4% in the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 11,461 shares of the software maker’s stock worth $2,688,000 after buying an additional 47 shares during the period. Nilsine Partners LLC increased its position in Cadence Design Systems by 2.7% in the 2nd quarter. Nilsine Partners LLC now owns 1,769 shares of the software maker’s stock worth $415,000 after buying an additional 47 shares during the period. First Trust Direct Indexing L.P. increased its position in Cadence Design Systems by 1.0% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 4,658 shares of the software maker’s stock worth $1,091,000 after buying an additional 47 shares during the period. Finally, McGlone Suttner Wealth Management Inc. increased its position in Cadence Design Systems by 4.6% in the 3rd quarter. McGlone Suttner Wealth Management Inc. now owns 1,093 shares of the software maker’s stock worth $256,000 after buying an additional 48 shares during the period. 83.95% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $240.80, for a total transaction of $240,800.00. Following the transaction, the vice president now owns 88,316 shares of the company’s stock, valued at $21,266,492.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 6,000 shares of the company’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $275.00, for a total transaction of $1,650,000.00. Following the transaction, the director now owns 60,683 shares of the company’s stock, valued at $16,687,825. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $240.80, for a total value of $240,800.00. Following the transaction, the vice president now directly owns 88,316 shares in the company, valued at approximately $21,266,492.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,250 shares of company stock valued at $5,176,849. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $268.50 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.44 and a quick ratio of 1.31. The firm has a market cap of $73.05 billion, a price-to-earnings ratio of 76.50, a P/E/G ratio of 3.26 and a beta of 1.06. The stock’s fifty day simple moving average is $267.14 and its 200 day simple moving average is $246.86. Cadence Design Systems, Inc. has a one year low of $166.00 and a one year high of $279.33.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last posted its quarterly earnings data on Monday, October 23rd. The software maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.06. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 34.64% and a net margin of 24.42%. The business’s revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.79 earnings per share. On average, analysts expect that Cadence Design Systems, Inc. will post 4.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on CDNS. Rosenblatt Securities lifted their price target on Cadence Design Systems from $250.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, October 19th. StockNews.com started coverage on Cadence Design Systems in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Morgan Stanley started coverage on Cadence Design Systems in a research report on Friday, November 10th. They set an “equal weight” rating and a $260.00 price objective on the stock. Bank of America boosted their price objective on Cadence Design Systems from $285.00 to $305.00 in a research report on Tuesday, October 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $268.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 24th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $264.50.

Read Our Latest Stock Report on Cadence Design Systems

Cadence Design Systems Company Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.