Carderock Capital Management Inc. Purchases 528 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Carderock Capital Management Inc. grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 33,319 shares of the software maker’s stock after purchasing an additional 528 shares during the period. Cadence Design Systems accounts for about 2.1% of Carderock Capital Management Inc.’s portfolio, making the stock its 20th largest holding. Carderock Capital Management Inc.’s holdings in Cadence Design Systems were worth $9,030,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Vontobel Holding Ltd. increased its position in Cadence Design Systems by 5.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after buying an additional 11,568 shares during the period. Sumitomo Life Insurance Co. grew its stake in shares of Cadence Design Systems by 61.5% in the third quarter. Sumitomo Life Insurance Co. now owns 17,600 shares of the software maker’s stock valued at $4,770,000 after acquiring an additional 6,700 shares in the last quarter. Hutchens & Kramer Investment Management Group LLC grew its stake in shares of Cadence Design Systems by 156.0% in the third quarter. Hutchens & Kramer Investment Management Group LLC now owns 1,710 shares of the software maker’s stock valued at $450,000 after acquiring an additional 1,042 shares in the last quarter. Swedbank AB increased its position in Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after acquiring an additional 230,672 shares during the period. Finally, Boomfish Wealth Group LLC bought a new stake in Cadence Design Systems in the 3rd quarter valued at about $778,000. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of several recent research reports. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, October 7th. Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $323.27.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction 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 sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the transaction, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the sale, the vice president now directly owns 95,408 shares in the company, valued at $26,366,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,847 shares of company stock worth $7,302,782. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $262.95 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The stock has a market cap of $71.63 billion, a PE ratio of 68.48, a P/E/G ratio of 3.37 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $228.66 and a 12-month high of $328.99. The business’s 50-day moving average price is $269.94 and its two-hundred day moving average price is $285.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 EPS. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.73 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.