First Long Island Investors LLC Acquires New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

First Long Island Investors LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 15,358 shares of the software maker's stock, valued at approximately $4,162,000.

Other institutional investors also recently bought and sold shares of the company. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems in the 3rd quarter valued at about $27,000. ORG Partners LLC lifted its holdings in shares of 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 lifted its holdings in shares of 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 purchasing an additional 122 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Cadence Design Systems by 159.7% in the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker's stock valued at $62,000 after purchasing an additional 123 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Cadence Design Systems during the 2nd quarter valued at approximately $69,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on CDNS shares. Mizuho started coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They set an "outperform" rating and a $325.00 price objective for the company. Rosenblatt Securities reaffirmed a "neutral" rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Loop Capital started coverage on Cadence Design Systems in a research note on Monday. They set a "buy" rating and a $360.00 price objective for the company. Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an "underperform" rating and a $225.00 price objective for the company. Finally, Piper Sandler raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. 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. 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 Price Performance

Shares of CDNS traded down $13.33 on Friday, reaching $289.71. The stock had a trading volume of 1,583,218 shares, compared to its average volume of 1,774,879. The firm has a market capitalization of $79.46 billion, a PE ratio of 77.22, a PEG ratio of 3.75 and a beta of 1.02. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The firm has a 50-day moving average of $273.65 and a 200 day moving average of $282.72. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly 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 business had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company's revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 EPS. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the sale, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. This represents a 1.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the sale, the director now owns 42,051 shares of the company's stock, valued at $11,928,186.66. This represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,634 shares of company stock valued at $4,217,635. 1.99% of the stock is owned by corporate insiders.

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.