DGS Capital Management LLC Lowers Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

DGS Capital Management LLC lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,638 shares of the software maker’s stock after selling 818 shares during the quarter. DGS Capital Management LLC’s holdings in Cadence Design Systems were worth $1,799,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Dudley Capital Management LLC grew its holdings in shares of Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after purchasing an additional 39 shares during the last quarter. Trust Point Inc. raised its stake in Cadence Design Systems by 2.9% in the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after buying an additional 40 shares in the last quarter. Falcon Wealth Planning lifted its stake in shares of Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after purchasing an additional 40 shares during the period. Fifth Third Wealth Advisors LLC raised its holdings in Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after purchasing an additional 40 shares in the last quarter. Finally, Venture Visionary Partners LLC boosted its holdings in shares of Cadence Design Systems by 2.5% during the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after buying an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded down $2.36 during mid-day trading on Friday, reaching $305.86. The stock had a trading volume of 203,821 shares, compared to its average volume of 1,752,932. The company has a market cap of $83.89 billion, a P/E ratio of 80.90, a price-to-earnings-growth ratio of 4.19 and a beta of 1.03. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The business’s 50 day moving average price is $289.00 and its 200 day moving average price is $285.60. 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 released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating 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 analyst estimates of $1.18 billion. During the same quarter last year, the business earned $1.01 earnings per share. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. Research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Activity

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the transaction, the senior vice president now owns 16,029 shares of the company’s stock, valued at $4,423,683.42. This represents a 3.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the transaction, the director now owns 43,551 shares in the company, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,634 shares of company stock valued at $1,584,080 in the last ninety days. Insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CDNS. Berenberg Bank began 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. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Needham & Company LLC decreased their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $327.92.

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.