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

by · The Markets Daily

Nwam LLC decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 3.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,023 shares of the software maker’s stock after selling 273 shares during the quarter. Nwam LLC’s holdings in Cadence Design Systems were worth $2,174,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. London & Capital Asset Management Ltd lifted its holdings in Cadence Design Systems by 1.8% in the first quarter. London & Capital Asset Management Ltd now owns 84,971 shares of the software maker’s stock valued at $26,450,000 after acquiring an additional 1,501 shares during the period. Mount Yale Investment Advisors LLC acquired a new position in Cadence Design Systems in the first quarter valued at approximately $318,000. Ascent Group LLC lifted its holdings in Cadence Design Systems by 6.2% in the first quarter. Ascent Group LLC now owns 3,593 shares of the software maker’s stock valued at $1,118,000 after acquiring an additional 211 shares during the period. Bornite Capital Management LP acquired a new position in Cadence Design Systems in the first quarter valued at approximately $6,226,000. Finally, Silvercrest Asset Management Group LLC lifted its holdings in Cadence Design Systems by 25.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 14,817 shares of the software maker’s stock valued at $4,612,000 after acquiring an additional 3,038 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research analyst reports. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research note on Friday. They set an “overweight” rating and a $350.00 target price for the company. Berenberg Bank initiated coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Needham & Company LLC reduced their target price 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. Finally, Oppenheimer initiated coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

Read Our Latest Analysis on CDNS

Cadence Design Systems Stock Up 1.7 %

Shares of CDNS opened at $311.87 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The stock has a market capitalization of $85.53 billion, a price-to-earnings ratio of 81.86, a PEG ratio of 4.16 and a beta of 1.02. The stock has a 50 day moving average price of $278.58 and a 200 day moving average price of $283.62.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.01 EPS. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the transaction, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. This represents a 1.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This represents a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock worth $4,217,635 in the last three months. 1.99% of the stock is owned by corporate insiders.

About Cadence Design Systems

(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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