Moran Wealth Management LLC Sells 4,471 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Moran Wealth Management LLC reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 160,439 shares of the software maker’s stock after selling 4,471 shares during the period. Cadence Design Systems makes up about 1.3% of Moran Wealth Management LLC’s investment portfolio, making the stock its 9th biggest position. Moran Wealth Management LLC owned approximately 0.06% of Cadence Design Systems worth $43,484,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems during the 3rd quarter worth about $27,000. ORG Partners LLC increased its position in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Cadence Design Systems during the third quarter worth $28,000. Chilton Capital Management LLC increased its position in shares of Cadence Design Systems by 244.0% during the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after buying an additional 122 shares during the period. Finally, Meeder Asset Management Inc. increased its position in shares of Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after buying an additional 47 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of CDNS stock traded down $2.75 during trading hours on Wednesday, reaching $296.88. The stock had a trading volume of 270,232 shares, compared to its average volume of 1,765,905. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The firm has a market capitalization of $81.42 billion, a PE ratio of 78.64, a PEG ratio of 3.93 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock’s fifty day simple moving average is $276.20 and its 200 day simple moving average is $283.13.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) 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 business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the business posted $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Transactions at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The trade was a 20.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the transaction, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,634 shares of company stock worth $4,217,635. 0.62% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Robert W. Baird increased their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective on the stock. Mizuho began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Finally, Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target 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.