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Ritholtz Wealth Management Purchases 104 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Defense World ·  Sep 28, 2022 05:33

Ritholtz Wealth Management boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 6.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,625 shares of the software maker's stock after acquiring an additional 104 shares during the period. Ritholtz Wealth Management's holdings in Cadence Design Systems were worth $244,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CDNS. CVA Family Office LLC boosted its holdings in Cadence Design Systems by 433.3% during the first quarter. CVA Family Office LLC now owns 160 shares of the software maker's stock worth $26,000 after buying an additional 130 shares during the last quarter. Riverview Trust Co bought a new position in Cadence Design Systems during the first quarter worth about $27,000. San Luis Wealth Advisors LLC bought a new position in Cadence Design Systems during the first quarter worth about $28,000. MV Capital Management Inc. boosted its holdings in Cadence Design Systems by 74.1% during the first quarter. MV Capital Management Inc. now owns 188 shares of the software maker's stock worth $31,000 after buying an additional 80 shares during the last quarter. Finally, Zions Bancorporation N.A. boosted its holdings in Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker's stock worth $37,000 after buying an additional 117 shares during the last quarter. Institutional investors own 84.02% of the company's stock.

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Analysts Set New Price Targets

A number of brokerages have issued reports on CDNS. Bank of America upgraded Cadence Design Systems from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $160.00 to $175.00 in a report on Wednesday, June 29th. Wolfe Research initiated coverage on shares of Cadence Design Systems in a report on Tuesday, August 16th. They set an "outperform" rating and a $210.00 target price on the stock. Stifel Nicolaus assumed coverage on shares of Cadence Design Systems in a report on Wednesday, September 7th. They issued a "hold" rating and a $200.00 price target for the company. Rosenblatt Securities raised their price objective on shares of Cadence Design Systems from $170.00 to $185.00 and gave the stock a "buy" rating in a report on Tuesday, July 26th. Finally, Needham & Company LLC upped their target price on shares of Cadence Design Systems from $193.00 to $200.00 and gave the stock a "buy" rating in a research note on Tuesday, July 26th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $191.92.

Insider Buying and Selling at Cadence Design Systems

In other news, insider Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $168.76, for a total transaction of $6,750,400.00. Following the completion of the transaction, the insider now directly owns 1,076,936 shares in the company, valued at approximately $181,743,719.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $168.76, for a total transaction of $6,750,400.00. Following the completion of the transaction, the insider now directly owns 1,076,936 shares in the company, valued at approximately $181,743,719.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 250 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $148.24, for a total value of $37,060.00. Following the transaction, the vice president now owns 96,764 shares of the company's stock, valued at $14,344,295.36. The disclosure for this sale can be found here. Insiders sold a total of 373,728 shares of company stock worth $65,218,514 over the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Up 0.5 %

CDNS stock opened at $163.13 on Wednesday. The company has a quick ratio of 1.49, a current ratio of 1.59 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $176.15 and a two-hundred day moving average price of $160.79. The company has a market cap of $44.68 billion, a price-to-earnings ratio of 58.47, a P/E/G ratio of 2.74 and a beta of 1.17. Cadence Design Systems, Inc. has a twelve month low of $132.32 and a twelve month high of $194.97.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last posted its quarterly earnings results on Monday, July 25th. The software maker reported $1.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.12. The firm had revenue of $858.00 million during the quarter, compared to the consensus estimate of $835.01 million. Cadence Design Systems had a return on equity of 32.06% and a net margin of 23.61%. The business's revenue was up 17.9% compared to the same quarter last year. During the same period last year, the company earned $0.71 earnings per share. Analysts anticipate that Cadence Design Systems, Inc. will post 3.31 EPS for the current fiscal year.

About Cadence Design Systems

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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.

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