Invictus Private Wealth LLC Lowers Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Invictus Private Wealth LLC trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,161 shares of the software maker’s stock after selling 221 shares during the quarter. Invictus Private Wealth LLC’s holdings in Cadence Design Systems were worth $315,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its holdings in Cadence Design Systems by 223.8% in the first quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after purchasing an additional 6,346 shares during the last quarter. Park National Corp OH boosted its holdings in Cadence Design Systems by 19.8% in the second quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after purchasing an additional 22,537 shares during the last quarter. Industrial Alliance Investment Management Inc. boosted its stake in shares of Cadence Design Systems by 83.4% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 4,505 shares of the software maker’s stock worth $1,402,000 after acquiring an additional 2,048 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Cadence Design Systems by 88.4% during the 2nd quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock worth $16,625,000 after acquiring an additional 25,347 shares in the last quarter. Finally, Teamwork Financial Advisors LLC boosted its stake in shares of Cadence Design Systems by 19.4% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock worth $3,559,000 after acquiring an additional 2,136 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDNS has been the topic of several recent analyst reports. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Robert W. Baird increased their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Mizuho assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Finally, Needham & Company LLC decreased their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $323.17.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the transaction, the director now owns 45,051 shares of the company’s stock, valued at $12,444,888.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems 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 completion of the sale, the director now directly owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,347 shares of company stock valued at $7,734,616 in the last 90 days. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Up 0.6 %

Shares of NASDAQ CDNS opened at $291.21 on Wednesday. The company has a 50 day simple moving average of $268.05 and a 200-day simple moving average of $281.74. The company has a market capitalization of $79.87 billion, a P/E ratio of 76.43, a P/E/G ratio of 3.45 and a beta of 1.02. 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.

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

About Cadence Design Systems

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.