DRW Securities LLC Has $1.74 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

DRW Securities LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 113.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,411 shares of the software maker’s stock after buying an additional 3,408 shares during the quarter. DRW Securities LLC’s holdings in Cadence Design Systems were worth $1,738,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ORG Partners LLC grew its position in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the last quarter. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems in the 3rd quarter valued at approximately $28,000. Chilton Capital Management LLC boosted its position in Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after buying an additional 122 shares in the last quarter. Finally, Larson Financial Group LLC grew its stake in shares of Cadence Design Systems by 159.7% during the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock worth $62,000 after buying an additional 123 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $311.87 on Monday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $85.53 billion, a PE ratio of 81.86, a P/E/G ratio of 4.23 and a beta of 1.02. The firm has a fifty day simple moving average of $278.58 and a 200 day simple moving average of $283.63. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the business earned $1.01 EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analysts Set New Price Targets

CDNS has been the subject of a number of research reports. Mizuho initiated coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target for the company. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. 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 note on Tuesday, August 6th. Needham & Company LLC dropped their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the transaction, the director now owns 43,551 shares in the company, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,634 shares of company stock worth $4,217,635. Corporate insiders own 0.62% of the company’s stock.

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.