Cary Street Partners Financial LLC Has $4.65 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

by · The Markets Daily

Cary Street Partners Financial LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 1.5% during the 1st quarter, HoldingsChannel.com reports. The firm owned 18,296 shares of the software maker’s stock after selling 273 shares during the period. Cary Street Partners Financial LLC’s holdings in Cadence Design Systems were worth $4,653,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of CDNS. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter valued at about $25,000. Valley National Advisers Inc. boosted its position in shares of Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock valued at $28,000 after acquiring an additional 99 shares in the last quarter. Ancora Advisors LLC boosted its position in shares of Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after acquiring an additional 112 shares in the last quarter. Meeder Asset Management Inc. boosted its position in shares of Cadence Design Systems by 36.5% during the 1st quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker’s stock valued at $44,000 after acquiring an additional 46 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC boosted its position in shares of Cadence Design Systems by 147.3% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker’s stock valued at $47,000 after acquiring an additional 109 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Bank of America lifted their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Piper Sandler reissued a “neutral” rating and set a $355.00 price target (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. The Goldman Sachs Group started coverage on shares of Cadence Design Systems in a report on Thursday, July 10th. They set a “buy” rating and a $380.00 price target for the company. Loop Capital lifted their price target on shares of Cadence Design Systems from $370.00 to $390.00 and gave the company a “buy” rating in a report on Tuesday, July 29th. Finally, Needham & Company LLC reissued a “buy” rating and set a $390.00 price target (up from $325.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $364.33.

Check Out Our Latest Stock Report on CDNS

Cadence Design Systems Trading Down 1.2%

Shares of NASDAQ CDNS opened at $360.50 on Wednesday. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The company has a market cap of $98.23 billion, a PE ratio of 97.43, a P/E/G ratio of 4.79 and a beta of 0.97. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average of $315.17 and a two-hundred day moving average of $291.58.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last announced its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the firm posted $1.28 earnings per share. The company’s revenue was up 20.2% on a year-over-year basis. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the sale, the director owned 23,996 shares in the company, valued at $7,677,520.20. The trade was a 3.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $358.72, for a total transaction of $358,720.00. Following the sale, the vice president owned 104,499 shares of the company’s stock, valued at approximately $37,485,881.28. This represents a 0.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,698 shares of company stock worth $1,485,387 in the last quarter. 0.37% of the stock is owned by company insiders.

Cadence Design Systems Company Profile

(Free Report)

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.

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