Strategic Advisors LLC Purchases 2,381 Shares of Cadence Design Systems, Inc. $CDNS

Strategic Advisors LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 39.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,373 shares of the software maker’s stock after acquiring an additional 2,381 shares during the quarter. Strategic Advisors LLC’s holdings in Cadence Design Systems were worth $2,941,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CDNS. Barrett & Company Inc. acquired a new stake in Cadence Design Systems in the second quarter valued at about $31,000. Strategic Wealth Investment Group LLC bought a new stake in Cadence Design Systems during the 2nd quarter worth approximately $32,000. Promus Capital LLC bought a new position in shares of Cadence Design Systems during the second quarter valued at $33,000. Robbins Farley bought a new stake in shares of Cadence Design Systems in the 3rd quarter valued at about $35,000. Finally, E Fund Management Hong Kong Co. Ltd. raised its holdings in Cadence Design Systems by 41.1% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock worth $39,000 after purchasing an additional 37 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $312.64, for a total transaction of $312,640.00. Following the completion of the transaction, the vice president directly owned 97,067 shares in the company, valued at $30,347,026.88. The trade was a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Scannell sold 5,490 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total value of $1,863,470.70. Following the completion of the transaction, the vice president owned 20,321 shares in the company, valued at $6,897,557.03. This represents a 21.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 62,025 shares of company stock valued at $20,369,946 in the last quarter. 0.37% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $320.49 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. The company’s 50-day moving average is $317.96 and its 200 day moving average is $333.28. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The company has a market capitalization of $87.24 billion, a P/E ratio of 82.60, a price-to-earnings-growth ratio of 3.55 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.14. The firm had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period last year, the company earned $1.64 earnings per share. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CDNS shares. Wolfe Research reaffirmed an “outperform” rating and issued a $385.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 28th. JPMorgan Chase & Co. boosted their target price on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Needham & Company LLC reiterated a “buy” rating and issued a $390.00 price target on shares of Cadence Design Systems in a report on Monday, December 22nd. BNP Paribas Exane began coverage on Cadence Design Systems in a report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 price objective for the company. Finally, KeyCorp reiterated an “overweight” rating and issued a $405.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Thirteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $379.59.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.