Renasant Bank bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,117 shares of the software maker’s stock, valued at approximately $699,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of CDNS. New York Life Investment Management LLC grew its position in shares of Cadence Design Systems by 2.5% during the 3rd quarter. New York Life Investment Management LLC now owns 46,331 shares of the software maker’s stock valued at $15,298,000 after purchasing an additional 1,118 shares in the last quarter. 71 West Capital Partners increased its holdings in shares of Cadence Design Systems by 1.2% in the third quarter. 71 West Capital Partners now owns 2,612 shares of the software maker’s stock worth $862,000 after purchasing an additional 31 shares during the period. AlphaCore Capital LLC increased its holdings in shares of Cadence Design Systems by 49.5% in the third quarter. AlphaCore Capital LLC now owns 4,466 shares of the software maker’s stock worth $1,475,000 after purchasing an additional 1,478 shares during the period. Fulcrum Asset Management LLP raised its position in shares of Cadence Design Systems by 724.8% in the third quarter. Fulcrum Asset Management LLP now owns 2,928 shares of the software maker’s stock worth $949,000 after buying an additional 2,573 shares in the last quarter. Finally, Bryn Mawr Trust Advisors LLC raised its position in shares of Cadence Design Systems by 3.2% in the third quarter. Bryn Mawr Trust Advisors LLC now owns 1,015 shares of the software maker’s stock worth $335,000 after buying an additional 31 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.
Analyst Ratings Changes
Several equities research analysts recently issued reports on the company. Rosenblatt Securities reissued a “buy” rating and set a $420.00 price objective on shares of Cadence Design Systems in a research note on Friday, October 23rd. Mizuho set a $400.00 target price on Cadence Design Systems in a research report on Tuesday, October 27th. Morgan Stanley restated an “overweight” rating and issued a $400.00 target price (up from $370.00) on shares of Cadence Design Systems in a research note on Wednesday, July 29th. Wall Street Zen cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, November 5th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Cadence Design Systems in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $410.05.
Check Out Our Latest Research Report on Cadence Design Systems
Cadence Design Systems Price Performance
CDNS stock opened at $331.64 on Wednesday. The firm has a 50 day simple moving average of $319.61 and a two-hundred day simple moving average of $327.62. The stock has a market cap of $91.00 billion, a PE ratio of 53.93, a P/E/G ratio of 3.19 and a beta of 1.10. Cadence Design Systems, Inc. has a one year low of $262.75 and a one year high of $416.69. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last posted its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter last year, the company posted $1.93 EPS. The business’s quarterly revenue was up 22.0% on a year-over-year basis. On average, analysts predict that Cadence Design Systems, Inc. will post 6.71 EPS for the current fiscal year.
Insider Transactions at Cadence Design Systems
In related news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $350.07, for a total transaction of $437,587.50. Following the transaction, the director directly owned 39,544 shares of the company’s stock, valued at approximately $13,843,168.08. This trade represents a 3.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $324.13, for a total value of $648,260.00. Following the completion of the sale, the vice president owned 119,612 shares of the company’s stock, valued at $38,769,837.56. The trade was a 1.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 11,361 shares of company stock worth $3,648,078. 0.49% of the stock is currently owned by company insiders.
About Cadence Design Systems
Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.
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