Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by King Luther Capital Management Corp

King Luther Capital Management Corp increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 26.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 129,767 shares of the software maker’s stock after purchasing an additional 27,258 shares during the quarter. King Luther Capital Management Corp’s holdings in Cadence Design Systems were worth $35,171,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Axxcess Wealth Management LLC grew its position in shares of Cadence Design Systems by 18.0% during the 1st quarter. Axxcess Wealth Management LLC now owns 10,597 shares of the software maker’s stock valued at $3,299,000 after buying an additional 1,618 shares during the last quarter. Capital International Inc. CA raised its position in shares of Cadence Design Systems by 24.1% during the 1st quarter. Capital International Inc. CA now owns 5,694 shares of the software maker’s stock worth $1,772,000 after purchasing an additional 1,104 shares during the period. K2 Principal Fund L.P. bought a new stake in shares of Cadence Design Systems in the 1st quarter worth approximately $557,000. Guardian Capital LP boosted its position in Cadence Design Systems by 86.3% during the 1st quarter. Guardian Capital LP now owns 1,874 shares of the software maker’s stock valued at $583,000 after purchasing an additional 868 shares during the period. Finally, Evergreen Quality Fund GP Ltd. bought a new position in Cadence Design Systems during the 1st quarter worth $50,423,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 1.5 %

Cadence Design Systems stock opened at $304.01 on Thursday. The firm has a market cap of $83.38 billion, a price-to-earnings ratio of 79.79, a price-to-earnings-growth ratio of 4.07 and a beta of 1.02. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The firm’s 50 day moving average price is $276.99 and its two-hundred day moving average price is $283.28. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. The business 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%. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.01 earnings per share. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CDNS. Loop Capital initiated coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. 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 for the company. Needham & Company LLC dropped 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. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $326.00.

Insiders Place Their Bets

In other news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were 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 owns 38,654 shares in the company, valued at $10,278,485.14. The trade was a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the sale, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. This represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock worth $4,217,635 over the last ninety days. 1.99% of the stock is currently owned by company insiders.

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.