Intelligence Driven Advisers LLC Cuts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Intelligence Driven Advisers LLC reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 803 shares of the software maker’s stock after selling 65 shares during the quarter. Intelligence Driven Advisers LLC’s holdings in Cadence Design Systems were worth $218,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Capital Market Strategies LLC raised its position 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 worth $400,000 after acquiring an additional 39 shares during the period. Dudley Capital Management LLC raised its position in shares of Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after purchasing an additional 39 shares during the last quarter. Trust Point Inc. raised its position in shares of Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after purchasing an additional 40 shares during the last quarter. Falcon Wealth Planning raised its position in shares of Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after purchasing an additional 40 shares during the last quarter. Finally, Venture Visionary Partners LLC raised its position in shares of Cadence Design Systems by 2.5% during the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after purchasing an additional 41 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the sale, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now owns 38,654 shares in the company, 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 quarter, insiders sold 16,847 shares of company stock valued at $4,556,656. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CDNS shares. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. 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 for the company. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Finally, Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Trading Down 2.0 %

Shares of NASDAQ:CDNS traded down $6.20 during mid-day trading on Thursday, reaching $300.27. 94,786 shares of the company were exchanged, compared to its average volume of 1,768,879. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The firm has a market cap of $82.35 billion, a price-to-earnings ratio of 78.81, a P/E/G ratio of 3.64 and a beta of 1.02. The firm’s 50-day simple moving average is $272.61 and its 200 day simple moving average is $282.58. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the company posted $1.01 EPS. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 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.