Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by EP Wealth Advisors LLC

EP Wealth Advisors LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 56.7% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 3,786 shares of the software maker’s stock after buying an additional 1,370 shares during the quarter. EP Wealth Advisors LLC’s holdings in Cadence Design Systems were worth $1,026,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Insigneo Advisory Services LLC increased its stake in shares of Cadence Design Systems by 3.0% during the third quarter. Insigneo Advisory Services LLC now owns 1,732 shares of the software maker’s stock worth $469,000 after acquiring an additional 50 shares during the period. Kovitz Investment Group Partners LLC lifted its position in Cadence Design Systems by 99.5% in the third quarter. Kovitz Investment Group Partners LLC now owns 6,894 shares of the software maker’s stock valued at $1,868,000 after purchasing an additional 3,438 shares during the period. Vienna Asset Management LLC boosted its holdings in Cadence Design Systems by 7.5% in the 3rd quarter. Vienna Asset Management LLC now owns 29,550 shares of the software maker’s stock valued at $8,009,000 after purchasing an additional 2,063 shares in the last quarter. Wahed Invest LLC increased its position in Cadence Design Systems by 12.6% during the 3rd quarter. Wahed Invest LLC now owns 6,620 shares of the software maker’s stock worth $1,794,000 after purchasing an additional 740 shares during the period. Finally, Temasek Holdings Private Ltd purchased a new position in shares of Cadence Design Systems during the 3rd quarter worth approximately $33,331,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $302.86 on Wednesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock’s 50 day moving average price is $286.53 and its 200 day moving average price is $285.22. The firm has a market cap of $83.06 billion, a P/E ratio of 79.49, a PEG ratio of 4.17 and a beta of 1.03. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data 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 business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s 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, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the sale, the senior vice president now owns 16,029 shares of the company’s stock, valued at $4,423,683.42. The trade was a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the transaction, the vice president now owns 60,461 shares of the company’s stock, valued at $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,634 shares of company stock worth $1,584,080 over the last ninety days. 0.62% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CDNS has been the topic of a number of analyst reports. Mizuho assumed coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Robert W. Baird boosted their target price 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. Needham & Company LLC cut their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Finally, Oppenheimer initiated coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

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.