Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by SteelPeak Wealth LLC

SteelPeak Wealth LLC lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,110 shares of the software maker’s stock after selling 377 shares during the quarter. SteelPeak Wealth LLC’s holdings in Cadence Design Systems were worth $1,114,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CDNS. Capital Market Strategies LLC lifted its holdings in shares of Cadence Design Systems by 3.1% in the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after acquiring an additional 39 shares during the last quarter. Inspire Advisors LLC lifted its stake in Cadence Design Systems by 1.8% during the first quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after purchasing an additional 40 shares in the last quarter. Trust Point Inc. boosted its position in shares of Cadence Design Systems by 2.9% during 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 during the period. Venture Visionary Partners LLC grew its stake in shares of Cadence Design Systems by 2.5% in the third 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. Finally, Stonegate Investment Group LLC raised its holdings in shares of Cadence Design Systems by 1.3% in the 3rd quarter. Stonegate Investment Group LLC now owns 3,274 shares of the software maker’s stock valued at $887,000 after buying an additional 42 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now directly owns 42,051 shares of the company’s stock, valued at $11,928,186.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now owns 42,051 shares of the company’s stock, valued at $11,928,186.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total value of $177,736.00. Following the completion of the sale, the vice president now directly owns 61,761 shares of the company’s stock, valued at $16,887,927.84. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,697 shares of company stock valued at $7,555,216 in the last ninety days. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CDNS shares. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a report on Tuesday, August 6th. Mizuho initiated coverage on shares of 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. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Finally, Needham & Company LLC cut their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday. One 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $323.17.

Cadence Design Systems Trading Up 2.0 %

NASDAQ:CDNS opened at $290.00 on Thursday. Cadence Design Systems, Inc. has a 1 year low of $233.51 and a 1 year high of $328.99. The stock has a market cap of $79.00 billion, a P/E ratio of 75.52, a P/E/G ratio of 3.03 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock has a 50-day simple moving average of $267.01 and a 200-day simple moving average of $282.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the company posted $1.01 earnings per share. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

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.