Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Chicago Capital LLC

Chicago Capital LLC grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,412 shares of the software maker’s stock after purchasing an additional 2,008 shares during the quarter. Chicago Capital LLC’s holdings in Cadence Design Systems were worth $12,850,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. RiverPark Advisors LLC acquired a new stake in Cadence Design Systems during the 1st quarter valued at $26,000. ORG Partners LLC boosted its stake in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the last quarter. Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems during the 1st quarter worth about $32,000. Hollencrest Capital Management raised its stake in Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after purchasing an additional 102 shares during the last quarter. Finally, Chilton Capital Management LLC lifted its holdings in Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after purchasing an additional 122 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 28,347 shares of company stock valued at $7,728,272. Company insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CDNS shares. Oppenheimer initiated coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. 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. Finally, Robert W. Baird decreased their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $323.27.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $258.52 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a 1-year low of $228.66 and a 1-year high of $328.99. The firm has a market capitalization of $70.43 billion, a P/E ratio of 67.32, a P/E/G ratio of 3.37 and a beta of 1.02. The business’s 50-day simple moving average is $269.59 and its 200-day simple moving average is $284.68.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the company posted $0.94 earnings per share. Cadence Design Systems’s revenue was up 8.6% compared to the same quarter last year. Equities analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

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.