Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Centaurus Financial Inc.

Centaurus Financial Inc. trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 32.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 776 shares of the software maker’s stock after selling 379 shares during the quarter. Centaurus Financial Inc.’s holdings in Cadence Design Systems were worth $210,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CDNS. Capital Market Strategies LLC lifted its holdings in shares of Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after purchasing an additional 39 shares in the last quarter. Dudley Capital Management LLC lifted its stake in 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 acquiring an additional 39 shares in the last quarter. Trust Point Inc. boosted its position in Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after acquiring an additional 40 shares during the period. Falcon Wealth Planning grew its stake in Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after acquiring an additional 40 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its holdings in shares of Cadence Design Systems by 0.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after purchasing an additional 40 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CDNS has been the topic of a number of research analyst reports. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Berenberg Bank assumed coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Piper Sandler raised 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. Finally, Mizuho began coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This represents a 1.05 % 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, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the transaction, the director now directly owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,634 shares of company stock valued at $1,558,535 in the last quarter. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Down 1.7 %

Shares of NASDAQ:CDNS opened at $304.68 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company has a 50-day simple moving average of $280.77 and a 200 day simple moving average of $284.12. The company has a market capitalization of $83.56 billion, a P/E ratio of 79.97, a price-to-earnings-growth ratio of 4.24 and a beta of 1.02. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued 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. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the firm earned $1.01 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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.