Catalyst Capital Advisors LLC Has $893,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Catalyst Capital Advisors LLC lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1,162.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,294 shares of the software maker's stock after acquiring an additional 3,033 shares during the quarter. Catalyst Capital Advisors LLC's holdings in Cadence Design Systems were worth $893,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Swedbank AB bought a new stake in Cadence Design Systems in the first quarter valued at about $439,988,000. Principal Financial Group Inc. increased its holdings in Cadence Design Systems by 280.1% in the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker's stock valued at $467,676,000 after purchasing an additional 1,119,824 shares during the last quarter. Van ECK Associates Corp increased its holdings in Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock valued at $689,472,000 after purchasing an additional 572,251 shares during the last quarter. Meridiem Investment Management Ltd. bought a new stake in Cadence Design Systems in the third quarter valued at about $129,285,000. Finally, 1832 Asset Management L.P. increased its holdings in Cadence Design Systems by 111.5% in the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker's stock valued at $266,583,000 after purchasing an additional 451,530 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on CDNS shares. Robert W. Baird upped their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. Needham & Company LLC decreased their target price on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a research note on Tuesday, October 29th. Rosenblatt Securities reissued a "neutral" rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Piper Sandler raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. Finally, Mizuho started coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average price target of $323.17.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded up $5.54 during trading hours on Wednesday, reaching $296.75. 2,756,632 shares of the stock were exchanged, compared to its average volume of 1,783,814. The firm has a market capitalization of $81.39 billion, a price-to-earnings ratio of 76.43, a P/E/G ratio of 3.45 and a beta of 1.02. 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, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The stock's fifty day simple moving average is $268.05 and its 200 day simple moving average is $281.74.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm's quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.01 earnings per share. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares of the company's stock, valued at $16,866,636. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares of the company's stock, valued at $16,866,636. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,347 shares of company stock valued at $7,734,616. 0.62% of the stock is owned by corporate insiders.

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