5,570 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by J. Stern & Co. LLP

J. Stern & Co. LLP purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the third quarter, Holdings Channel.com reports. The institutional investor purchased 5,570 shares of the software maker’s stock, valued at approximately $1,510,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. ORG Partners LLC boosted its position in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares in the last quarter. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems during the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems during the 3rd quarter valued at $28,000. Chilton Capital Management LLC grew its position in shares of Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after buying an additional 122 shares during the period. Finally, Larson Financial Group LLC increased its stake in shares of Cadence Design Systems by 159.7% in the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock worth $62,000 after acquiring an additional 123 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Loop Capital started coverage on Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research note on Friday. They issued an “overweight” rating and a $350.00 price target on the stock. Finally, Robert W. Baird raised 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Activity

In related news, 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 value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This represents a 20.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the sale, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at $4,423,683.42. This represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock worth $4,217,635 over the last quarter. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded up $0.52 during trading on Tuesday, reaching $312.39. The company had a trading volume of 1,944,440 shares, compared to its average volume of 1,768,525. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $85.68 billion, a price-to-earnings ratio of 81.99, a price-to-earnings-growth ratio of 4.23 and a beta of 1.02. The firm’s 50-day simple moving average is $279.36 and its 200 day simple moving average is $283.82.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.01 earnings per share. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal 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.