Brooklyn Investment Group Purchases 166 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brooklyn Investment Group boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,410 shares of the software maker’s stock after purchasing an additional 166 shares during the period. Brooklyn Investment Group’s holdings in Cadence Design Systems were worth $382,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Quantbot Technologies LP bought a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $4,906,000. D.A. Davidson & CO. grew its holdings in shares of Cadence Design Systems by 17.1% in the 3rd quarter. D.A. Davidson & CO. now owns 1,644 shares of the software maker’s stock valued at $446,000 after acquiring an additional 240 shares in the last quarter. Qsemble Capital Management LP bought a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $1,250,000. Private Trust Co. NA grew its holdings in shares of Cadence Design Systems by 16.2% in the 3rd quarter. Private Trust Co. NA now owns 733 shares of the software maker’s stock valued at $199,000 after acquiring an additional 102 shares in the last quarter. Finally, Brown Brothers Harriman & Co. grew its holdings in shares of Cadence Design Systems by 7,965.4% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 230,349 shares of the software maker’s stock valued at $62,431,000 after acquiring an additional 227,493 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $310.10 on Wednesday. The stock’s fifty day moving average price is $280.07 and its two-hundred day moving average price is $283.98. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. 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 firm has a market cap of $85.05 billion, a PE ratio of 81.39, a price-to-earnings-growth ratio of 4.24 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the company earned $1.01 EPS. The company’s revenue was up 18.8% on a year-over-year basis. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Activity

In other news, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the transaction, the senior vice president now owns 16,029 shares in the company, valued at approximately $4,423,683.42. This trade represents a 3.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,634 shares of company stock worth $1,558,535. Insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Robert W. Baird raised their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems 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 objective for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems has a consensus 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.