B. Riley Wealth Advisors Inc. Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

B. Riley Wealth Advisors Inc. lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 39.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,756 shares of the software maker's stock after selling 1,803 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in Cadence Design Systems were worth $746,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in CDNS. State Street Corp lifted its position in Cadence Design Systems by 0.5% during the third quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock valued at $3,231,422,000 after purchasing an additional 60,490 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Cadence Design Systems by 2.7% in the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker's stock valued at $2,061,502,000 after acquiring an additional 198,230 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Cadence Design Systems by 0.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker's stock valued at $1,081,098,000 after acquiring an additional 37,452 shares during the last quarter. Van ECK Associates Corp increased its stake in Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock worth $689,472,000 after acquiring an additional 572,251 shares during the last quarter. Finally, Legal & General Group Plc raised its position in Cadence Design Systems by 1.8% during the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker's stock valued at $772,187,000 after purchasing an additional 43,654 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Down 0.5 %

Shares of CDNS stock traded down $1.37 during mid-day trading on Thursday, hitting $299.87. The stock had a trading volume of 1,845,750 shares, compared to its average volume of 1,758,332. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The firm's 50-day moving average is $292.42 and its two-hundred day moving average is $286.13. The firm has a market capitalization of $82.24 billion, a P/E ratio of 78.71, a price-to-earnings-growth ratio of 4.19 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $1.18 billion. During the same period in the prior year, the business earned $1.01 EPS. The firm's quarterly revenue was up 18.8% on a year-over-year basis. On average, analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the business's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the transaction, the chief financial officer now owns 29,248 shares of the company's stock, valued at approximately $9,038,509.44. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,870 shares of company stock valued at $3,263,210 over the last 90 days. Corporate insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CDNS. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Loop Capital started coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a "buy" rating and a $360.00 price objective on the stock. Oppenheimer assumed coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 target price for the company. Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. Finally, Rosenblatt Securities reissued a "neutral" rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $327.92.

Cadence Design Systems Company 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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.