MidAtlantic Capital Management Inc. Invests $28,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 103 shares of the software maker’s stock, valued at approximately $28,000.

Several other large investors have also recently added to or reduced their stakes in the company. ORG Partners LLC lifted its holdings in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares during the period. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems during the 3rd quarter worth $27,000. Chilton Capital Management LLC grew its stake in shares of Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after purchasing an additional 122 shares during the period. Larson Financial Group LLC lifted its stake in shares of 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 period. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Cadence Design Systems during the second quarter worth about $69,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 1.6 %

Shares of Cadence Design Systems stock opened at $294.33 on Tuesday. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The business’s fifty day moving average is $275.32 and its two-hundred day moving average is $283.00. 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 firm has a market cap of $80.72 billion, a PE ratio of 77.25, a P/E/G ratio of 3.93 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted 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 company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.01 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares of the company’s stock, valued at $16,866,636. The trade was a 1.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Karna Nisewaner sold 659 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the sale, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. This trade represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock valued at $4,217,635 over the last quarter. Company insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Loop Capital began coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Finally, Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently 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.