Benjamin Edwards Inc. Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Benjamin Edwards Inc. raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8,852.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,979 shares of the software maker’s stock after acquiring an additional 18,767 shares during the quarter. Benjamin Edwards Inc.’s holdings in Cadence Design Systems were worth $5,144,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CDNS. Missouri Trust & Investment Co purchased a new stake in Cadence Design Systems during the third quarter worth $27,000. ORG Partners LLC boosted its stake in shares of Cadence Design Systems by 911.1% during 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 in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $28,000. Chilton Capital Management LLC increased its stake in shares of Cadence Design Systems by 244.0% in the 2nd 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 in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after purchasing an additional 47 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 1.0 %

Shares of NASDAQ:CDNS opened at $313.25 on Wednesday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. 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 business has a fifty day moving average of $283.44 and a two-hundred day moving average of $284.69. The stock has a market cap of $85.91 billion, a P/E ratio of 82.22, a PEG ratio of 4.21 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates 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 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 firm earned $1.01 earnings per share. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. Needham & Company LLC dropped their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $326.00.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total value of $177,736.00. Following the transaction, the vice president now owns 61,761 shares of the company’s stock, valued at $16,887,927.84. This represents a 1.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the transaction, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,984 shares of company stock worth $1,385,056. Insiders own 0.62% of the company’s stock.

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.