Landsberg Bennett & Dubbaneh LLC trimmed its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 3.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,987 shares of the software maker’s stock after selling 1,152 shares during the quarter. Landsberg Bennett & Dubbaneh LLC’s holdings in Cadence Design Systems were worth $2,216,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Cadence Design Systems in the 2nd quarter worth about $26,000. Altshuler Shaham Ltd raised its holdings in shares of Cadence Design Systems by 109.2% during the 2nd quarter. Altshuler Shaham Ltd now owns 385 shares of the software maker’s stock valued at $27,000 after buying an additional 201 shares during the period. Next Capital Management LLC purchased a new stake in shares of Cadence Design Systems during the 2nd quarter valued at about $29,000. CWM LLC raised its holdings in shares of Cadence Design Systems by 217.9% during the 2nd quarter. CWM LLC now owns 445 shares of the software maker’s stock valued at $32,000 after buying an additional 305 shares during the period. Finally, Virtus ETF Advisers LLC purchased a new stake in shares of Cadence Design Systems during the 2nd quarter valued at about $33,000. Institutional investors own 86.68% of the company’s stock.
CDNS stock traded up $0.46 during midday trading on Friday, hitting $66.00. 136,257 shares of the company’s stock were exchanged, compared to its average volume of 1,792,891. The company has a current ratio of 1.60, a quick ratio of 1.52 and a debt-to-equity ratio of 0.24. Cadence Design Systems Inc has a 12-month low of $39.08 and a 12-month high of $77.08. The firm has a 50 day moving average price of $66.83 and a 200-day moving average price of $68.15. The stock has a market capitalization of $18.66 billion, a price-to-earnings ratio of 53.59, a price-to-earnings-growth ratio of 4.20 and a beta of 1.17.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $75.12, for a total transaction of $3,004,800.00. Following the sale, the chief executive officer now directly owns 899,852 shares in the company, valued at approximately $67,596,882.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Aneel Zaman sold 523 shares of Cadence Design Systems stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $72.78, for a total value of $38,063.94. Following the sale, the insider now owns 246,114 shares in the company, valued at $17,912,176.92. The disclosure for this sale can be found here. Insiders have sold a total of 158,936 shares of company stock worth $11,022,704 over the last 90 days. 2.34% of the stock is owned by company insiders.
Several equities research analysts recently commented on CDNS shares. Wells Fargo & Co upgraded Cadence Design Systems from a “market perform” rating to an “outperform” rating in a report on Friday. DA Davidson raised their target price on Cadence Design Systems to $80.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. dropped their target price on Cadence Design Systems from $78.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. ValuEngine downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Needham & Company LLC raised their target price on Cadence Design Systems to $76.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Six analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $67.89.
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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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