Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Empirical Asset Management LLC

Empirical Asset Management LLC trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 37.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,205 shares of the software maker’s stock after selling 1,306 shares during the quarter. Empirical Asset Management LLC’s holdings in Cadence Design Systems were worth $598,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CDNS. Procyon Advisors LLC increased its position in shares of Cadence Design Systems by 3.6% in the 3rd quarter. Procyon Advisors LLC now owns 1,655 shares of the software maker’s stock valued at $449,000 after purchasing an additional 58 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in Cadence Design Systems by 52.8% in the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 472 shares of the software maker’s stock valued at $128,000 after buying an additional 163 shares during the last quarter. Redhawk Wealth Advisors Inc. raised its stake in Cadence Design Systems by 3.9% in the third quarter. Redhawk Wealth Advisors Inc. now owns 11,056 shares of the software maker’s stock valued at $2,997,000 after buying an additional 413 shares in the last quarter. CVA Family Office LLC lifted its holdings in Cadence Design Systems by 27.0% during the 3rd quarter. CVA Family Office LLC now owns 376 shares of the software maker’s stock worth $102,000 after buying an additional 80 shares during the last quarter. Finally, McGlone Suttner Wealth Management Inc. boosted its position in shares of Cadence Design Systems by 22.1% during the 3rd quarter. McGlone Suttner Wealth Management Inc. now owns 1,407 shares of the software maker’s stock worth $381,000 after acquiring an additional 255 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated 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 approximately $26,366,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was 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 of the company’s stock, valued at approximately $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,847 shares of company stock worth $7,302,782 in the last three months. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CDNS. KeyCorp boosted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, October 7th. 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. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, Robert W. Baird decreased their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $323.60.

Cadence Design Systems Stock Down 0.1 %

Shares of NASDAQ CDNS opened at $282.14 on Tuesday. The stock has a market capitalization of $76.86 billion, a price-to-earnings ratio of 73.47, a price-to-earnings-growth ratio of 3.37 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $228.66 and a 52 week high of $328.99. The firm has a 50-day moving average price of $269.49 and a 200 day moving average price of $285.81. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.94 EPS. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal 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.