Ashton Thomas Securities LLC Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ashton Thomas Securities LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 292 shares of the software maker’s stock, valued at approximately $79,000.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Cadence Design Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after purchasing an additional 437,101 shares during the period. Van ECK Associates Corp grew its holdings in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after acquiring an additional 572,251 shares during the period. Legal & General Group Plc increased its position in Cadence Design Systems by 1.8% during the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after acquiring an additional 43,654 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the period. Finally, Swedbank AB boosted its position in Cadence Design Systems by 15.1% in the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after purchasing an additional 230,672 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday. They issued a “buy” rating and a $360.00 price objective on the stock. Mizuho assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Needham & Company LLC lowered their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Finally, Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Insider Activity at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now directly owns 45,051 shares in the company, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total value of $414,360.00. Following the sale, the director now owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was 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 directly owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,347 shares of company stock valued at $7,734,616 over the last 90 days. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Down 1.0 %

CDNS opened at $297.77 on Wednesday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. 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 firm has a 50-day simple moving average of $270.73 and a two-hundred day simple moving average of $282.30. The company has a market capitalization of $81.67 billion, a PE ratio of 78.15, a price-to-earnings-growth ratio of 3.68 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. The business 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%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.01 EPS. Analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Cadence Design Systems Company 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.