Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by NorthRock Partners LLC

NorthRock Partners LLC boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 42.6% in the third quarter, Holdings Channel.com reports. The firm owned 2,038 shares of the software maker’s stock after acquiring an additional 609 shares during the period. NorthRock Partners LLC’s holdings in Cadence Design Systems were worth $552,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ORG Partners LLC grew its stake in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares in the last quarter. Chilton Capital Management LLC increased its holdings in Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after purchasing an additional 122 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Cadence Design Systems by 159.7% in the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after purchasing an additional 123 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Cadence Design Systems during the 2nd quarter valued at approximately $69,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Cadence Design Systems during the second quarter worth approximately $77,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the sale, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the sale, the director now owns 42,051 shares in the company, valued at $11,928,186.66. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,347 shares of company stock worth $7,734,616. Insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Robert W. Baird upped their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Needham & Company LLC decreased their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $323.17.

Cadence Design Systems Trading Up 0.6 %

Shares of NASDAQ CDNS opened at $291.21 on Wednesday. The company has a market cap of $79.87 billion, a price-to-earnings ratio of 76.43, a price-to-earnings-growth ratio of 3.45 and a beta of 1.02. The stock’s 50 day simple moving average is $268.05 and its 200 day simple moving average is $281.74. 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 announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 earnings per share. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

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.