Mechanics Financial Corp Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mechanics Financial Corp increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 5,218 shares of the software maker’s stock after acquiring an additional 155 shares during the quarter. Mechanics Financial Corp’s holdings in Cadence Design Systems were worth $1,414,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CDNS. Avantax Advisory Services Inc. lifted its holdings in Cadence Design Systems by 36.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 2,791 shares of the software maker’s stock worth $869,000 after buying an additional 743 shares in the last quarter. TIAA Trust National Association raised its holdings in shares of Cadence Design Systems by 3.0% in the 1st quarter. TIAA Trust National Association now owns 2,369 shares of the software maker’s stock valued at $737,000 after purchasing an additional 70 shares in the last quarter. Covestor Ltd lifted its position in shares of Cadence Design Systems by 66.1% during the 1st quarter. Covestor Ltd now owns 568 shares of the software maker’s stock worth $177,000 after purchasing an additional 226 shares during the last quarter. Penobscot Investment Management Company Inc. increased its holdings in Cadence Design Systems by 28.5% in the first quarter. Penobscot Investment Management Company Inc. now owns 10,790 shares of the software maker’s stock valued at $3,359,000 after buying an additional 2,390 shares during the last quarter. Finally, Alerus Financial NA raised its stake in Cadence Design Systems by 34.4% in the first quarter. Alerus Financial NA now owns 38,939 shares of the software maker’s stock valued at $12,121,000 after buying an additional 9,956 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CDNS shares. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Loop Capital initiated coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Oppenheimer initiated 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 target for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Price Performance

CDNS stock opened at $289.71 on Friday. The firm has a 50 day moving average of $274.49 and a 200-day moving average of $282.82. The company has a market cap of $79.46 billion, a price-to-earnings ratio of 76.04, a PEG ratio of 3.93 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 earnings per share. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now directly owns 64,544 shares of the company’s stock, valued at $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction on 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 in the company, valued at approximately $10,278,485.14. The trade was a 20.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,634 shares of company stock worth $4,217,635 in the last three months. Corporate insiders own 1.99% of the company’s stock.

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.