Everhart Financial Group Inc. grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 435.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,573 shares of the software maker’s stock after buying an additional 26,490 shares during the quarter. Cadence Design Systems makes up about 0.7% of Everhart Financial Group Inc.’s investment portfolio, making the stock its 25th biggest position. Everhart Financial Group Inc.’s holdings in Cadence Design Systems were worth $10,755,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the company. Avidian Wealth Enterprises LLC raised its holdings in shares of Cadence Design Systems by 1,852.3% in the third quarter. Avidian Wealth Enterprises LLC now owns 21,241 shares of the software maker’s stock valued at $7,014,000 after buying an additional 20,153 shares during the last quarter. Elevation Wealth Partners LLC grew its stake in shares of Cadence Design Systems by 196.2% during the third quarter. Elevation Wealth Partners LLC now owns 308 shares of the software maker’s stock valued at $102,000 after purchasing an additional 204 shares during the last quarter. American National Bank & Trust raised its position in Cadence Design Systems by 7,625.4% in the 3rd quarter. American National Bank & Trust now owns 9,116 shares of the software maker’s stock worth $3,010,000 after purchasing an additional 8,998 shares during the last quarter. Congress Asset Management Co. lifted its holdings in Cadence Design Systems by 6.5% during the 3rd quarter. Congress Asset Management Co. now owns 37,204 shares of the software maker’s stock worth $12,284,000 after buying an additional 2,284 shares in the last quarter. Finally, Moody National Bank Trust Division boosted its position in Cadence Design Systems by 21.5% in the 3rd quarter. Moody National Bank Trust Division now owns 4,479 shares of the software maker’s stock valued at $1,479,000 after buying an additional 793 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.
Cadence Design Systems Trading Down 1.9%
Shares of Cadence Design Systems stock traded down $6.92 during trading hours on Thursday, hitting $349.20. The company’s stock had a trading volume of 470,447 shares, compared to its average volume of 2,451,146. The company has a market capitalization of $96.17 billion, a PE ratio of 69.46, a price-to-earnings-growth ratio of 3.86 and a beta of 1.13. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.74 and a quick ratio of 1.53. The stock has a 50 day moving average of $318.98 and a 200 day moving average of $336.55. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69.
Insider Transactions at Cadence Design Systems
In other Cadence Design Systems news, VP Paul Scannell sold 280 shares of Cadence Design Systems stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $339.00, for a total value of $94,920.00. Following the sale, the vice president owned 31,720 shares of the company’s stock, valued at $10,753,080. This trade represents a 0.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $350.07, for a total value of $437,587.50. Following the transaction, the director directly owned 39,544 shares of the company’s stock, valued at $13,843,168.08. This represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 6,960 shares of company stock worth $2,185,879 in the last 90 days. Company insiders own 0.49% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on the company. Weiss Ratings downgraded Cadence Design Systems from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 25th. FBN Securities began coverage on shares of Cadence Design Systems in a research note on Friday, September 11th. They issued an “outperform” rating and a $375.00 target price on the stock. Wall Street Zen downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday. KeyCorp reaffirmed an “overweight” rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $420.00 price target on shares of Cadence Design Systems in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $405.06.
View Our Latest Analysis on CDNS
About Cadence Design Systems
Cadence Design Systems, Inc is a technology company that develops electronic design automation (EDA) software, hardware, and semiconductor intellectual property. Its products help engineers design, verify, analyze, and manufacture complex semiconductor chips, printed circuit boards, and electronic systems.
The company’s offerings include digital and custom/analog integrated-circuit design tools, functional verification and emulation platforms, semiconductor intellectual property, and system analysis solutions.
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