Pathstone Holdings LLC Acquires 2,474 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pathstone Holdings LLC grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.6% in the 3rd quarter, Holdings Channel reports. The fund owned 56,073 shares of the software maker’s stock after purchasing an additional 2,474 shares during the quarter. Pathstone Holdings LLC’s holdings in Cadence Design Systems were worth $15,197,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Park National Corp OH increased its stake in Cadence Design Systems by 19.8% during the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock worth $41,931,000 after purchasing an additional 22,537 shares in the last quarter. Industrial Alliance Investment Management Inc. increased its position in shares of Cadence Design Systems by 83.4% during the first quarter. Industrial Alliance Investment Management Inc. now owns 4,505 shares of the software maker’s stock worth $1,402,000 after acquiring an additional 2,048 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after acquiring an additional 310,250 shares during the period. SG Americas Securities LLC lifted its position in Cadence Design Systems by 88.4% in the 2nd quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock valued at $16,625,000 after acquiring an additional 25,347 shares in the last quarter. Finally, Teamwork Financial Advisors LLC boosted its stake in Cadence Design Systems by 19.4% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock worth $3,559,000 after purchasing an additional 2,136 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the sale, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 20.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,634 shares of company stock worth $4,217,635 in the last ninety days. 0.62% of the stock is owned by company insiders.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $299.63 on Wednesday. The firm’s fifty day moving average price is $276.20 and its two-hundred day moving average price is $283.13. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company has a market cap of $82.18 billion, a P/E ratio of 78.64, a P/E/G ratio of 3.93 and a beta of 1.02. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99.

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. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the firm earned $1.01 EPS. The business’s revenue was up 18.8% on a year-over-year basis. Equities analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on CDNS. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. Loop Capital started coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective on the stock. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a report on Tuesday, August 6th. Finally, Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $326.00.

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.