Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Centaurus Financial Inc.

Centaurus Financial Inc. lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 32.8% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 776 shares of the software maker’s stock after selling 379 shares during the quarter. Centaurus Financial Inc.’s holdings in Cadence Design Systems were worth $210,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of CDNS. Larson Financial Group LLC increased its position in shares of Cadence Design Systems by 150.0% in the third quarter. Larson Financial Group LLC now owns 500 shares of the software maker’s stock worth $136,000 after acquiring an additional 300 shares in the last quarter. Cerity Partners LLC increased its holdings in Cadence Design Systems by 27.9% in the 3rd quarter. Cerity Partners LLC now owns 15,225 shares of the software maker’s stock valued at $4,126,000 after purchasing an additional 3,320 shares in the last quarter. Great Valley Advisor Group Inc. raised its position in Cadence Design Systems by 26.0% in the third quarter. Great Valley Advisor Group Inc. now owns 31,753 shares of the software maker’s stock valued at $8,606,000 after purchasing an additional 6,547 shares during the period. Nicolet Advisory Services LLC lifted its stake in shares of Cadence Design Systems by 7.2% during the third quarter. Nicolet Advisory Services LLC now owns 1,458 shares of the software maker’s stock worth $388,000 after purchasing an additional 98 shares in the last quarter. Finally, Meridian Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the third quarter worth about $1,982,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the firm’s 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 transaction, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares of the company’s stock, valued at $11,928,186.66. This trade represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,634 shares of company stock valued at $1,558,535. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $304.68 on Thursday. The company has a market cap of $83.56 billion, a P/E ratio of 79.97, a PEG ratio of 4.24 and a beta of 1.02. The business has a 50 day moving average of $280.77 and a two-hundred day moving average of $284.12. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the business earned $1.01 EPS. The firm’s revenue was up 18.8% on a year-over-year basis. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on CDNS shares. Piper Sandler raised 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 research report on Tuesday, August 6th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Needham & Company LLC dropped their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Finally, Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

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.