Kingsview Wealth Management LLC Reduces Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kingsview Wealth Management LLC trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 35.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,765 shares of the software maker’s stock after selling 2,570 shares during the period. Kingsview Wealth Management LLC’s holdings in Cadence Design Systems were worth $1,291,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Cerity Partners LLC raised its stake in Cadence Design Systems by 27.9% during the 3rd quarter. Cerity Partners LLC now owns 15,225 shares of the software maker’s stock valued at $4,126,000 after buying an additional 3,320 shares during the last quarter. Great Valley Advisor Group Inc. increased its position in Cadence Design Systems by 26.0% during the third quarter. Great Valley Advisor Group Inc. now owns 31,753 shares of the software maker’s stock valued at $8,606,000 after acquiring an additional 6,547 shares during the last quarter. Nicolet Advisory Services LLC boosted its position in Cadence Design Systems by 7.2% in the third quarter. Nicolet Advisory Services LLC now owns 1,458 shares of the software maker’s stock worth $388,000 after purchasing an additional 98 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in shares of Cadence Design Systems during the 3rd quarter valued at about $1,982,000. Finally, GM Advisory Group LLC increased its position in shares of Cadence Design Systems by 11.3% during the 3rd quarter. GM Advisory Group LLC now owns 738 shares of the software maker’s stock valued at $200,000 after purchasing an additional 75 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 0.7 %

CDNS stock opened at $310.10 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The business has a 50 day simple moving average of $280.07 and a two-hundred day simple moving average of $283.98. The company has a market capitalization of $85.05 billion, a price-to-earnings ratio of 81.39, a PEG ratio of 4.23 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion during 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%. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.01 earnings per share. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Activity

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the completion of the transaction, the senior vice president now owns 16,029 shares in the company, valued at $4,423,683.42. This trade represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the sale, the director now owns 43,551 shares in the company, valued at approximately $12,019,204.98. This trade represents a 3.33 % 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 $1,558,535 over the last 90 days. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of several recent research reports. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Wells Fargo & Company started coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Needham & Company LLC lowered their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Finally, 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 objective on the stock. 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. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

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.