Monte Financial Group LLC Invests $476,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Monte Financial Group LLC acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,757 shares of the software maker’s stock, valued at approximately $476,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Greenleaf Trust raised its holdings in shares of Cadence Design Systems by 8.0% in the third quarter. Greenleaf Trust now owns 6,012 shares of the software maker’s stock worth $1,629,000 after acquiring an additional 445 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its stake in Cadence Design Systems by 37.0% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 2,504 shares of the software maker’s stock valued at $679,000 after purchasing an additional 676 shares during the last quarter. Liberty Capital Management Inc. lifted its holdings in Cadence Design Systems by 1.8% in the 3rd quarter. Liberty Capital Management Inc. now owns 8,621 shares of the software maker’s stock valued at $2,337,000 after purchasing an additional 152 shares in the last quarter. GAM Holding AG boosted its stake in shares of Cadence Design Systems by 25.9% during the 3rd quarter. GAM Holding AG now owns 23,217 shares of the software maker’s stock worth $6,293,000 after purchasing an additional 4,776 shares during the last quarter. Finally, Private Advisor Group LLC grew its holdings in shares of Cadence Design Systems by 31.2% during the third quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock worth $2,800,000 after buying an additional 2,457 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $249.09 on Thursday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The company has a market cap of $67.86 billion, a PE ratio of 64.87, a P/E/G ratio of 3.37 and a beta of 1.02. The company’s fifty day simple moving average is $268.47 and its 200-day simple moving average is $283.48. Cadence Design Systems, Inc. has a 52 week low of $228.66 and a 52 week high of $328.99.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CDNS. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Berenberg Bank started 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. Mizuho initiated coverage on Cadence Design Systems in a research report on Tuesday. They set an “outperform” rating and a $325.00 target price on the stock. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $323.42.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the sale, the director now owns 42,051 shares in the company, valued at $11,928,186.66. 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 at this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the sale, the director now directly owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the transaction, the vice president now directly owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,347 shares of company stock worth $7,728,272 in the last 90 days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems 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.