Cadence Design Systems, Inc. (NASDAQ:CDNS) Holdings Raised by Cutter & CO Brokerage Inc.

Cutter & CO Brokerage Inc. lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 928 shares of the software maker’s stock after purchasing an additional 99 shares during the quarter. Cutter & CO Brokerage Inc.’s holdings in Cadence Design Systems were worth $252,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CDNS. Brookstone Capital Management raised its position in Cadence Design Systems by 15.4% in the first quarter. Brookstone Capital Management now owns 1,037 shares of the software maker’s stock worth $323,000 after acquiring an additional 138 shares in the last quarter. Wealthcare Advisory Partners LLC increased its stake in Cadence Design Systems by 4.5% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after purchasing an additional 41 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in Cadence Design Systems by 27.4% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 3,845 shares of the software maker’s stock worth $1,197,000 after purchasing an additional 827 shares in the last quarter. Diversified Trust Co increased its stake in Cadence Design Systems by 5.0% in the 1st quarter. Diversified Trust Co now owns 4,969 shares of the software maker’s stock worth $1,547,000 after purchasing an additional 237 shares in the last quarter. Finally, Miracle Mile Advisors LLC grew its stake in Cadence Design Systems by 38.3% during the 1st quarter. Miracle Mile Advisors LLC now owns 4,744 shares of the software maker’s stock valued at $1,477,000 after acquiring an additional 1,314 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

CDNS traded up $23.48 on Tuesday, hitting $276.25. The company had a trading volume of 1,516,564 shares, compared to its average volume of 1,737,531. The company’s fifty day moving average price is $266.84 and its 200 day moving average price is $282.13. Cadence Design Systems, Inc. has a 1-year low of $230.65 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The stock has a market cap of $75.26 billion, a price-to-earnings ratio of 71.93, a price-to-earnings-growth ratio of 3.03 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly 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 return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the company earned $1.01 earnings per share. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Mizuho assumed coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price on the stock. Needham & Company LLC lowered their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. Finally, 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $323.17.

Insider Activity

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the sale, the vice president now directly owns 95,408 shares in the company, valued at $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares in the company, valued at approximately $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the sale, the director now owns 45,051 shares in the company, valued at $12,444,888.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,347 shares of company stock worth $7,728,272. Company insiders own 1.99% 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.