Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by SteelPeak Wealth LLC

SteelPeak Wealth LLC cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,487 shares of the software maker’s stock after selling 872 shares during the period. SteelPeak Wealth LLC’s holdings in Cadence Design Systems were worth $1,381,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Cerity Partners LLC boosted its position in Cadence Design Systems by 54.8% during the fourth quarter. Cerity Partners LLC now owns 5,515 shares of the software maker’s stock worth $1,502,000 after purchasing an additional 1,952 shares in the last quarter. Perigon Wealth Management LLC increased its holdings in Cadence Design Systems by 107.3% in the 4th quarter. Perigon Wealth Management LLC now owns 2,340 shares of the software maker’s stock worth $637,000 after acquiring an additional 1,211 shares in the last quarter. Sumitomo Life Insurance Co. purchased a new position in Cadence Design Systems during the fourth quarter valued at $2,070,000. Vontobel Holding Ltd. grew its position in shares of Cadence Design Systems by 66.9% in the fourth quarter. Vontobel Holding Ltd. now owns 34,913 shares of the software maker’s stock valued at $9,509,000 after purchasing an additional 13,997 shares during the period. Finally, Waldron Private Wealth LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $256,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CDNS. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Bank of America boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, Piper Sandler upgraded 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 report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Stock Up 3.1 %

Shares of NASDAQ CDNS traded up $8.34 during mid-day trading on Thursday, reaching $280.12. The company had a trading volume of 1,708,773 shares, compared to its average volume of 1,728,396. The firm has a 50 day simple moving average of $293.22 and a two-hundred day simple moving average of $296.22. The stock has a market cap of $76.31 billion, a P/E ratio of 70.78, a PEG ratio of 3.14 and a beta of 1.03. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 earnings per share. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the transaction, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the sale, the director now owns 48,051 shares in the company, valued at $14,852,083.59. The disclosure for this sale can be found here. Insiders have sold a total of 47,684 shares of company stock valued at $14,288,863 over the last quarter. 1.99% of the stock is currently owned by insiders.

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.