Blankinship & Foster LLC Buys Shares of 1,850 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Blankinship & Foster LLC acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,850 shares of the software maker's stock, valued at approximately $501,000.

Several other hedge funds have also made changes to their positions in the stock. Dynamic Advisor Solutions LLC lifted its position in shares of Cadence Design Systems by 9.9% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 2,623 shares of the software maker's stock worth $807,000 after acquiring an additional 237 shares during the period. ORG Partners LLC boosted its stake in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker's stock worth $28,000 after buying an additional 82 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in Cadence Design Systems by 0.3% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 29,243 shares of the software maker's stock valued at $9,000,000 after buying an additional 89 shares during the period. Swedbank AB raised its stake in shares of Cadence Design Systems by 7.8% in the 2nd quarter. Swedbank AB now owns 1,523,142 shares of the software maker's stock valued at $468,747,000 after buying an additional 109,662 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Cadence Design Systems by 331.6% during the 2nd quarter. Blue Trust Inc. now owns 1,705 shares of the software maker's stock worth $531,000 after acquiring an additional 1,310 shares during the period. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded down $0.56 during trading on Thursday, reaching $308.22. The company had a trading volume of 849,651 shares, compared to its average volume of 1,759,579. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The business's 50 day moving average price is $288.15 and its 200-day moving average price is $285.44. The stock has a market cap of $84.53 billion, a PE ratio of 81.18, a PEG ratio of 4.17 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Cadence Design Systems's revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.01 EPS. Analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Activity

In related news, SVP Karna Nisewaner sold 659 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 value of $181,870.82. Following the transaction, the senior vice president now directly owns 16,029 shares in the company, valued at $4,423,683.42. This represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total transaction of $177,736.00. Following the sale, the vice president now directly owns 61,761 shares of the company's stock, valued at $16,887,927.84. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,634 shares of company stock valued at $1,584,080 over the last 90 days. 1.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CDNS. Berenberg Bank started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a "buy" rating and a $320.00 target price on the stock. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a "buy" rating and a $360.00 price objective on the stock. Mizuho initiated coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an "outperform" rating and a $325.00 target price for the company. Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Needham & Company LLC cut their price objective on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $326.00.

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.