Axxcess Wealth Management LLC Decreases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Axxcess Wealth Management LLC decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,633 shares of the software maker’s stock after selling 449 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Cadence Design Systems were worth $714,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CDNS. Concurrent Investment Advisors LLC bought a new stake in Cadence Design Systems during the first quarter worth about $274,000. Avantax Advisory Services Inc. boosted its stake in Cadence Design Systems by 36.3% during the first quarter. Avantax Advisory Services Inc. now owns 2,791 shares of the software maker’s stock worth $869,000 after acquiring an additional 743 shares in the last quarter. D Orazio & Associates Inc. bought a new position in shares of Cadence Design Systems in the first quarter worth approximately $207,000. Element Capital Management LLC purchased a new stake in shares of Cadence Design Systems during the first quarter valued at approximately $1,860,000. Finally, Leo Wealth LLC purchased a new stake in shares of Cadence Design Systems during the first quarter valued at approximately $225,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of recent analyst reports. Robert W. Baird increased their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Loop Capital initiated coverage on shares of Cadence Design Systems in a report on Monday. They set a “buy” rating and a $360.00 price target on the stock. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Berenberg Bank initiated 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now directly owns 45,051 shares in the company, valued at $12,444,888.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 owns 64,544 shares in the company, valued at $17,226,148.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,347 shares of company stock worth $7,734,616 in the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 1.0 %

CDNS opened at $297.77 on Wednesday. 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 $81.67 billion, a PE ratio of 78.15, a PEG ratio of 3.68 and a beta of 1.02. The firm’s 50 day simple moving average is $270.73 and its two-hundred day simple moving average is $282.30.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the firm earned $1.01 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. 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.