Gilbert & Cook Inc. Cuts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Gilbert & Cook Inc. trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 3,233 shares of the software maker’s stock after selling 106 shares during the quarter. Gilbert & Cook Inc.’s holdings in Cadence Design Systems were worth $876,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Capital Market Strategies LLC boosted its holdings in shares of Cadence Design Systems by 3.1% during the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after acquiring an additional 39 shares during the last quarter. Dudley Capital Management LLC lifted its stake in shares of Cadence Design Systems by 4.3% in the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after purchasing an additional 39 shares during the period. Trust Point Inc. lifted its stake in shares of Cadence Design Systems by 2.9% in the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after purchasing an additional 40 shares during the period. Falcon Wealth Planning lifted its stake in shares of Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after purchasing an additional 40 shares during the period. Finally, Venture Visionary Partners LLC lifted its stake in shares of Cadence Design Systems by 2.5% in the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after purchasing an additional 41 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CDNS shares. Robert W. Baird increased their price objective 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. Needham & Company LLC decreased their target price 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. Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Berenberg Bank began 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. Finally, Piper Sandler upgraded 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Stock Down 4.4 %

Shares of CDNS opened at $289.71 on Friday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a fifty day moving average price of $274.49 and a 200-day moving average price of $282.82. The firm has a market capitalization of $79.46 billion, a P/E ratio of 76.04, a P/E/G ratio of 3.93 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data 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. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This represents a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,634 shares of company stock worth $4,217,635 over the last three months. 1.99% of the stock is owned by corporate insiders.

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.