Great Valley Advisor Group Inc. Raises Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Great Valley Advisor Group Inc. grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 26.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 31,753 shares of the software maker’s stock after acquiring an additional 6,547 shares during the quarter. Great Valley Advisor Group Inc.’s holdings in Cadence Design Systems were worth $8,606,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Park National Corp OH increased its holdings in shares of Cadence Design Systems by 19.8% in the second quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after purchasing an additional 22,537 shares during the period. Industrial Alliance Investment Management Inc. increased its position in shares of Cadence Design Systems by 83.4% in the first quarter. Industrial Alliance Investment Management Inc. now owns 4,505 shares of the software maker’s stock valued at $1,402,000 after buying an additional 2,048 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the period. SG Americas Securities LLC lifted its position in shares of Cadence Design Systems by 88.4% during the 2nd quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock valued at $16,625,000 after buying an additional 25,347 shares in the last quarter. Finally, Teamwork Financial Advisors LLC increased its holdings in Cadence Design Systems by 19.4% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock worth $3,559,000 after acquiring an additional 2,136 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the sale, the vice president now owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. This represents a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This trade represents a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Trading Up 1.7 %

CDNS opened at $311.87 on Friday. The firm has a market cap of $85.53 billion, a price-to-earnings ratio of 81.86, a price-to-earnings-growth ratio of 4.16 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The business’s 50 day moving average is $278.58 and its two-hundred day moving average is $283.62. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 EPS. On average, research analysts predict 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. Robert W. Baird boosted 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. Oppenheimer started coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Mizuho assumed coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Berenberg Bank started coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Finally, Loop Capital began coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $326.00.

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.