Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Paragon Advisors LLC

Paragon Advisors LLC grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 6,465 shares of the software maker’s stock after acquiring an additional 41 shares during the quarter. Paragon Advisors LLC’s holdings in Cadence Design Systems were worth $1,752,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Natixis Advisors LLC increased its holdings in Cadence Design Systems by 6.1% in the 3rd quarter. Natixis Advisors LLC now owns 181,610 shares of the software maker’s stock valued at $49,222,000 after purchasing an additional 10,371 shares in the last quarter. First Long Island Investors LLC acquired a new stake in Cadence Design Systems during the 3rd quarter worth about $4,162,000. Empowered Funds LLC increased its holdings in shares of Cadence Design Systems by 13.3% in the 3rd quarter. Empowered Funds LLC now owns 12,974 shares of the software maker’s stock valued at $3,516,000 after purchasing an additional 1,526 shares during the period. Empirical Finance LLC lifted its stake in Cadence Design Systems by 2.2% in the third quarter. Empirical Finance LLC now owns 9,313 shares of the software maker’s stock valued at $2,524,000 after acquiring an additional 199 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC lifted its position in Cadence Design Systems by 0.8% during the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 8,044 shares of the software maker’s stock worth $2,180,000 after acquiring an additional 67 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Mizuho assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price on the stock. Oppenheimer assumed coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. Finally, Robert W. Baird increased their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $289.71 on Friday. The stock has a market capitalization of $79.46 billion, a PE ratio of 76.04, a PEG ratio of 3.75 and a beta of 1.02. 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 1 year low of $241.29 and a 1 year high of $328.99. The stock has a 50-day simple moving average of $274.49 and a 200-day simple moving average of $282.77.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results 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 business had revenue of $1.22 billion for the quarter, compared to analyst estimates 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 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 earnings per share. On average, analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This represents a 1.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the sale, the director now directly owns 42,051 shares in the company, valued at $11,928,186.66. This trade represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock valued at $4,217,635 in the last quarter. Insiders own 1.99% of the company’s stock.

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.