Cadence Design Systems, Inc. $CDNS Stock: Walter Public Investments Inc. Cuts Position

Walter Public Investments Inc. decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 59.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,824 shares of the software maker’s stock after selling 10,015 shares during the quarter. Walter Public Investments Inc.’s holdings in Cadence Design Systems were worth $2,253,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Avalon Trust Co purchased a new position in shares of Cadence Design Systems in the 2nd quarter valued at about $30,000. Fiduciary Financial Advisors acquired a new position in shares of Cadence Design Systems during the second quarter worth about $31,000. Arlington Trust Co LLC increased its stake in shares of Cadence Design Systems by 154.3% during the second quarter. Arlington Trust Co LLC now owns 89 shares of the software maker’s stock worth $33,000 after buying an additional 54 shares during the period. Burkett Financial Services LLC purchased a new stake in shares of Cadence Design Systems during the third quarter worth approximately $30,000. Finally, Balance Wealth Partners LLC purchased a new stake in shares of Cadence Design Systems during the third quarter worth approximately $32,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CDNS shares. FBN Securities started coverage on shares of Cadence Design Systems in a report on Friday, September 11th. They issued an “outperform” rating and a $375.00 target price on the stock. Wall Street Zen cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, November 5th. Deutsche Bank reissued a “buy” rating and issued a $420.00 price objective (up from $400.00) on shares of Cadence Design Systems in a research report on Wednesday, October 7th. Bank of America increased their price objective on shares of Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Morgan Stanley restated an “overweight” rating and issued a $400.00 price objective (up from $370.00) on shares of Cadence Design Systems in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $410.05.

Cadence Design Systems Stock Down 0.7%

Shares of NASDAQ CDNS opened at $329.26 on Thursday. The company has a market capitalization of $90.34 billion, a price-to-earnings ratio of 53.15, a price-to-earnings-growth ratio of 3.14 and a beta of 1.10. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18. The business has a 50-day moving average of $319.93 and a two-hundred day moving average of $327.68. Cadence Design Systems, Inc. has a 1 year low of $262.75 and a 1 year high of $416.69.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the business posted $1.93 EPS. The business’s revenue for the quarter was up 22.0% on a year-over-year basis. On average, analysts forecast that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $350.07, for a total transaction of $437,587.50. Following the completion of the sale, the director owned 39,544 shares in the company, valued at $13,843,168.08. The trade was a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita Brennan sold 180 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $285.51, for a total value of $51,391.80. Following the completion of the transaction, the director directly owned 7,824 shares of the company’s stock, valued at $2,233,830.24. This trade represents a 2.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 11,361 shares of company stock worth $3,648,078 in the last three months. 0.49% of the stock is owned by company insiders.

Cadence Design Systems News Roundup

These are some of the CDNS news items that stood out recently:

• Neutral Sentiment: Analyst coverage remains broadly favorable: the cited consensus is “Moderate Buy,” with an average target of about $410. This is supportive background, rather than a clearly new rating catalyst. Article: Wall Street Analysts Think Cadence Is a Good Investment: Is It?
• Negative Sentiment: A recent article argues CDNS could be overvalued despite the new AI-related design-platform news. With the stock’s valuation elevated, investors may want evidence that new offerings can translate into sustained growth. Article: Cadence Design Systems Stock Could Be Overvalued On Fresh AI Design Platform News
• Negative Sentiment: VP Paul Scannell sold 2,401 shares, reducing his holding by about 8%. The transaction was made under a pre-arranged Rule 10b5-1 plan, which may lessen its significance as a bearish signal. Article: Cadence Design Systems VP Sells 2,401 Shares of Stock

Cadence Design Systems Profile

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.