Whitaker Myers Wealth Managers LTD. Acquires 106 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Whitaker Myers Wealth Managers LTD. raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,260 shares of the software maker’s stock after acquiring an additional 106 shares during the quarter. Whitaker Myers Wealth Managers LTD.’s holdings in Cadence Design Systems were worth $341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Empowered Funds LLC lifted its holdings in Cadence Design Systems by 223.8% during the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after purchasing an additional 6,346 shares in the last quarter. Norden Group LLC boosted its position in shares of Cadence Design Systems by 1,659.3% in the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after acquiring an additional 12,544 shares during the period. BNP Paribas Financial Markets grew its stake in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after acquiring an additional 468,195 shares in the last quarter. Park National Corp OH increased its holdings 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 acquiring an additional 22,537 shares during the period. Finally, Teamwork Financial Advisors LLC lifted its stake in Cadence Design Systems by 40.0% in the 1st quarter. Teamwork Financial Advisors LLC now owns 35,151 shares of the software maker’s stock worth $10,942,000 after purchasing an additional 10,037 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $258.52 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The firm has a market cap of $70.43 billion, a P/E ratio of 67.32, a P/E/G ratio of 3.37 and a beta of 1.02. The firm’s fifty day moving average is $269.59 and its 200 day moving average is $284.68. Cadence Design Systems, Inc. has a 52 week low of $228.66 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data 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 firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate 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 business earned $0.94 earnings per share. Research analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now owns 65,194 shares in the company, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, 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 completion of the sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 65,194 shares in the company, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,347 shares of company stock worth $7,728,272. 1.99% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research analyst reports. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, October 7th. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. Robert W. Baird cut their price objective 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $323.27.

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.