Cumberland Partners Ltd Purchases 177 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cumberland Partners Ltd increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.6% during the third quarter, HoldingsChannel.com reports. The firm owned 29,053 shares of the software maker’s stock after buying an additional 177 shares during the period. Cumberland Partners Ltd’s holdings in Cadence Design Systems were worth $7,874,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of CDNS. Aigen Investment Management LP acquired a new position in Cadence Design Systems in the third quarter worth about $410,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after buying an additional 310,250 shares in the last quarter. Entropy Technologies LP bought a new stake in Cadence Design Systems in the third quarter valued at $379,000. Venturi Wealth Management LLC raised its stake in Cadence Design Systems by 28.9% during the third quarter. Venturi Wealth Management LLC now owns 821 shares of the software maker’s stock worth $223,000 after acquiring an additional 184 shares in the last quarter. Finally, Ashton Thomas Securities LLC bought a new position in shares of Cadence Design Systems during the third quarter valued at $79,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Down 0.2 %

NASDAQ CDNS traded down $0.64 on Tuesday, reaching $300.26. The company had a trading volume of 104,181 shares, compared to its average volume of 1,769,656. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The stock’s 50 day moving average is $270.73 and its 200-day moving average is $282.30. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market cap of $82.35 billion, a price-to-earnings ratio of 78.98, a PEG ratio of 3.68 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating 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 company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the business posted $1.01 EPS. Cadence Design Systems’s revenue was up 18.8% on a year-over-year basis. Equities analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares in the company, valued at $16,866,636. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 $10,278,485.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares in the company, valued at $16,866,636. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,347 shares of company stock worth $7,734,616. Company insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Oppenheimer started coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday. They set a “buy” rating and a $360.00 price objective on the stock. Mizuho began coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price on the stock. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Finally, Needham & Company LLC reduced their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $326.00.

About Cadence Design Systems

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.