Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Fidelis Capital Partners LLC

Fidelis Capital Partners LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 39.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,640 shares of the software maker’s stock after selling 1,728 shares during the quarter. Fidelis Capital Partners LLC’s holdings in Cadence Design Systems were worth $658,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CDNS. RiverPark Advisors LLC purchased a new position in Cadence Design Systems in the 1st quarter valued at about $26,000. ORG Partners LLC grew its stake in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares during the period. Hollencrest Capital Management lifted its stake in shares of Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after purchasing an additional 102 shares during the period. Chilton Capital Management LLC grew its position in shares of 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 purchasing an additional 122 shares during the period. Finally, Larson Financial Group LLC increased its stake in Cadence Design Systems by 159.7% in the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after purchasing an additional 123 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Up 2.0 %

Shares of NASDAQ:CDNS opened at $290.00 on Thursday. The company has a 50 day moving average of $267.01 and a two-hundred day moving average of $282.04. The company has a market capitalization of $79.00 billion, a price-to-earnings ratio of 75.52, a price-to-earnings-growth ratio of 3.03 and a beta of 1.02. Cadence Design Systems, Inc. has a 52-week low of $233.51 and a 52-week high of $328.99. 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 posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.01 EPS. As a group, analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 sale, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Chin-Chi Teng sold 10,000 shares of the 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the sale, the director now directly owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,697 shares of company stock worth $7,555,216 in the last three months. 1.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several recent analyst reports. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Needham & Company LLC dropped their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday. Mizuho initiated coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Finally, Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $323.17.

Cadence Design Systems 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.