Cynosure Group LLC Sells 1,873 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cynosure Group LLC lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 51.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,798 shares of the software maker’s stock after selling 1,873 shares during the period. Cynosure Group LLC’s holdings in Cadence Design Systems were worth $487,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. Townsquare Capital LLC boosted its stake in Cadence Design Systems by 35.8% in the 3rd quarter. Townsquare Capital LLC now owns 4,664 shares of the software maker’s stock worth $1,264,000 after purchasing an additional 1,229 shares during the period. Thematics Asset Management lifted its holdings in shares of Cadence Design Systems by 7.8% in the third quarter. Thematics Asset Management now owns 157,520 shares of the software maker’s stock valued at $42,693,000 after purchasing an additional 11,445 shares in the last quarter. J. Stern & Co. LLP acquired a new position in shares of Cadence Design Systems during the third quarter worth about $1,510,000. Lazard Freres Gestion S.A.S. grew its holdings in shares of Cadence Design Systems by 157.4% during the third quarter. Lazard Freres Gestion S.A.S. now owns 13,900 shares of the software maker’s stock worth $3,767,000 after buying an additional 8,500 shares in the last quarter. Finally, Brooklyn Investment Group lifted its stake in Cadence Design Systems by 13.3% in the 3rd quarter. Brooklyn Investment Group now owns 1,410 shares of the software maker’s stock valued at $382,000 after acquiring an additional 166 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CDNS shares. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Mizuho initiated coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. Needham & Company LLC decreased their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Finally, Berenberg Bank began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $304.68 on Thursday. The business’s 50 day moving average is $280.77 and its 200-day moving average is $284.12. The firm has a market cap of $83.56 billion, a P/E ratio of 79.97, a price-to-earnings-growth ratio of 4.24 and a beta of 1.02. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the previous year, the company earned $1.01 EPS. The business’s revenue was up 18.8% on a year-over-year basis. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Karna Nisewaner sold 659 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the transaction, the senior vice president now directly owns 16,029 shares in the company, valued at approximately $4,423,683.42. The trade was a 3.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now owns 61,111 shares in the company, valued at $16,866,636. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,634 shares of company stock valued at $1,558,535 over the last 90 days. 0.62% of the stock is owned by corporate insiders.

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.