Crossmark Global Holdings Inc. Has $4.14 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Crossmark Global Holdings Inc. lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 18.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,280 shares of the software maker's stock after selling 3,450 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Cadence Design Systems were worth $4,141,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CDNS. ORG Partners LLC boosted its holdings in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker's stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Chilton Capital Management LLC grew its position in Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker's stock valued at $53,000 after acquiring an additional 122 shares in the last quarter. Larson Financial Group LLC increased its stake in Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker's stock worth $62,000 after buying an additional 123 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Cadence Design Systems in the second quarter valued at $69,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Cadence Design Systems in the 2nd quarter valued at about $77,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Down 1.0 %

Shares of CDNS stock traded down $2.95 during trading hours on Tuesday, reaching $297.95. The company had a trading volume of 352,426 shares, compared to its average volume of 1,770,657. The company has a market capitalization of $81.72 billion, a P/E ratio of 78.98, a price-to-earnings-growth ratio of 3.68 and a beta of 1.02. The stock's fifty day simple moving average is $270.73 and its 200 day simple moving average is $282.30. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. 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 issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts' consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the business posted $1.01 earnings per share. Cadence Design Systems's revenue for the quarter was up 18.8% on a year-over-year basis. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of recent analyst reports. Piper Sandler raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Needham & Company LLC dropped their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research note on Tuesday, October 29th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a "buy" rating and a $320.00 target price on the stock. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday. They issued a "buy" rating and a $360.00 price objective for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $326.00.

Insiders Place Their Bets

In related news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction dated 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 sale, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares in the company, valued at approximately $11,928,186.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the transaction, the vice president now owns 95,408 shares of the company's stock, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,347 shares of company stock valued at $7,734,616 over the last 90 days. 1.99% of the stock is owned by company insiders.

About Cadence Design Systems

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.