2,117 Shares of Cadence Design Systems, Inc. $CDNS Purchased by Renasant Bank

Renasant Bank acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,117 shares of the software maker’s stock, valued at approximately $699,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Bryn Mawr Trust Advisors LLC boosted its holdings in Cadence Design Systems by 3.2% during the 3rd quarter. Bryn Mawr Trust Advisors LLC now owns 1,015 shares of the software maker’s stock valued at $335,000 after acquiring an additional 31 shares during the period. 71 West Capital Partners grew its position in Cadence Design Systems by 1.2% during the 3rd quarter. 71 West Capital Partners now owns 2,612 shares of the software maker’s stock worth $862,000 after acquiring an additional 31 shares during the last quarter. Cornerstone Planning Group LLC grew its position in Cadence Design Systems by 32.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 132 shares of the software maker’s stock worth $37,000 after acquiring an additional 32 shares during the last quarter. KCM Investment Advisors LLC grew its position in Cadence Design Systems by 0.4% during the 1st quarter. KCM Investment Advisors LLC now owns 8,013 shares of the software maker’s stock worth $2,227,000 after acquiring an additional 32 shares during the last quarter. Finally, Heritage Family Offices LLP increased its stake in Cadence Design Systems by 5.3% in the 3rd quarter. Heritage Family Offices LLP now owns 636 shares of the software maker’s stock worth $210,000 after purchasing an additional 32 shares during the period. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Ita Brennan sold 180 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $285.51, for a total transaction of $51,391.80. Following the transaction, the director directly owned 7,824 shares of the company’s stock, valued at approximately $2,233,830.24. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 2,401 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $339.00, for a total value of $813,939.00. Following the transaction, the vice president owned 27,763 shares of the company’s stock, valued at approximately $9,411,657. This represents a 7.96% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 11,361 shares of company stock valued at $3,648,078 in the last 90 days. 0.49% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Down 1.5%

NASDAQ CDNS opened at $331.64 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18. The stock has a market capitalization of $91.00 billion, a PE ratio of 53.93, a PEG ratio of 3.19 and a beta of 1.10. Cadence Design Systems, Inc. has a 1 year low of $262.75 and a 1 year high of $416.69. The business’s 50-day moving average is $319.61 and its 200 day moving average is $327.62.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.06. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. Cadence Design Systems’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.93 EPS. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Benchmark reiterated a “buy” rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. FBN Securities started coverage on shares of Cadence Design Systems in a report on Friday, September 11th. They issued an “outperform” rating and a $375.00 target price on the stock. Rothschild & Co Redburn lifted their target price on shares of Cadence Design Systems from $385.00 to $395.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Wall Street Zen downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, November 5th. Finally, Bank of America upped their price target on shares of Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $410.05.

About Cadence Design Systems

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.