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

Ashton Thomas Private Wealth LLC lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,271 shares of the software maker’s stock after selling 280 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Cadence Design Systems were worth $2,513,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the last quarter. Entropy Technologies LP acquired a new stake in Cadence Design Systems during the 3rd quarter worth $379,000. Venturi Wealth Management LLC lifted its position in Cadence Design Systems by 28.9% in the third quarter. Venturi Wealth Management LLC now owns 821 shares of the software maker’s stock valued at $223,000 after acquiring an additional 184 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Cadence Design Systems during the third quarter worth about $79,000. Finally, Carr Financial Group Corp increased its position in shares of Cadence Design Systems by 38.8% during the third quarter. Carr Financial Group Corp now owns 1,388 shares of the software maker’s stock worth $376,000 after purchasing an additional 388 shares in the last quarter. 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 the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 45,051 shares of the company’s stock, valued at $12,444,888.24. 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 available at the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the transaction, the director now directly owns 45,051 shares of the company’s stock, valued at $12,444,888.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,347 shares of company stock valued at $7,734,616 in the last ninety days. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CDNS shares. Mizuho began coverage on 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. Needham & Company LLC reduced their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research report on Tuesday, August 6th. Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday. They set a “buy” rating and a $360.00 target price for the company. Finally, Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Stock Down 1.0 %

CDNS opened at $297.77 on Wednesday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company has a market cap of $81.67 billion, a price-to-earnings ratio of 78.15, a PEG ratio of 3.68 and a beta of 1.02. The business’s fifty day moving average is $270.73 and its two-hundred day moving average is $282.30. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

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, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the business posted $1.01 earnings per share. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. Analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS 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.