Atlantic Union Bankshares Corp Increases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Atlantic Union Bankshares Corp boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,527 shares of the software maker’s stock after purchasing an additional 1,424 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Cadence Design Systems were worth $4,208,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Virtu Financial LLC grew its holdings in shares of Cadence Design Systems by 22.6% during the first quarter. Virtu Financial LLC now owns 2,734 shares of the software maker’s stock valued at $851,000 after buying an additional 504 shares during the last quarter. Atria Investments Inc grew its holdings in shares of Cadence Design Systems by 2.1% during the first quarter. Atria Investments Inc now owns 15,611 shares of the software maker’s stock valued at $4,859,000 after buying an additional 322 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Cadence Design Systems by 117.9% during the first quarter. Cetera Investment Advisers now owns 49,816 shares of the software maker’s stock valued at $15,507,000 after buying an additional 26,951 shares during the last quarter. Cetera Advisors LLC grew its holdings in shares of Cadence Design Systems by 124.4% during the first quarter. Cetera Advisors LLC now owns 18,521 shares of the software maker’s stock valued at $5,765,000 after buying an additional 10,268 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of Cadence Design Systems by 7.9% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 57,165 shares of the software maker’s stock valued at $17,795,000 after buying an additional 4,161 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Loop Capital assumed coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Berenberg Bank started 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 objective on the stock. Needham & Company LLC lowered their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Finally, Oppenheimer started coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the sale, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the sale, the senior vice president now owns 16,029 shares in the company, valued at $4,423,683.42. The trade was a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,634 shares of company stock worth $1,558,535 in the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 1.7 %

CDNS opened at $304.68 on Friday. 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, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a market capitalization of $83.56 billion, a PE ratio of 79.97, a PEG ratio of 4.14 and a beta of 1.02. The firm’s 50 day simple moving average is $281.26 and its two-hundred day simple moving average is $284.26.

Cadence Design Systems (NASDAQ:CDNS) last announced 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. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s revenue was up 18.8% on a year-over-year basis. During the same period last year, the firm earned $1.01 EPS. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Cadence Design Systems 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.