Larson Financial Group LLC Buys 300 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Larson Financial Group LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 150.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 500 shares of the software maker’s stock after purchasing an additional 300 shares during the period. Larson Financial Group LLC’s holdings in Cadence Design Systems were worth $136,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Cerity Partners LLC grew its holdings 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 worth $4,126,000 after acquiring an additional 3,320 shares during the period. Great Valley Advisor Group Inc. grew its holdings in Cadence Design Systems by 26.0% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 31,753 shares of the software maker’s stock worth $8,606,000 after acquiring an additional 6,547 shares during the period. Nicolet Advisory Services LLC grew its holdings in Cadence Design Systems by 7.2% during the 3rd quarter. Nicolet Advisory Services LLC now owns 1,458 shares of the software maker’s stock worth $388,000 after acquiring an additional 98 shares during the period. Meridian Wealth Management LLC acquired a new stake in Cadence Design Systems during the 3rd quarter worth about $1,982,000. Finally, GM Advisory Group LLC grew its holdings in Cadence Design Systems by 11.3% during the 3rd quarter. GM Advisory Group LLC now owns 738 shares of the software maker’s stock worth $200,000 after acquiring an additional 75 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $304.68 on Friday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company’s 50 day moving average price is $281.26 and its two-hundred day moving average price is $284.26. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market cap of $83.56 billion, a P/E ratio of 79.97, a P/E/G ratio of 4.24 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 EPS 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 firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the firm earned $1.01 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the sale, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. The trade was a 3.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred 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 sale, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,634 shares of company stock valued at $1,558,535 in the last 90 days. 0.62% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. 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’s stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target 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.