Orion Portfolio Solutions LLC Buys 6,910 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Orion Portfolio Solutions LLC lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 66.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,384 shares of the software maker's stock after purchasing an additional 6,910 shares during the quarter. Orion Portfolio Solutions LLC's holdings in Cadence Design Systems were worth $4,711,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems in the 3rd quarter valued at $27,000. ORG Partners LLC lifted its position 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 acquiring an additional 82 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems in the 3rd quarter valued at $28,000. Chilton Capital Management LLC lifted 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. Finally, Meeder Asset Management Inc. lifted its position in Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker's stock valued at $55,000 after acquiring an additional 47 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on CDNS. Needham & Company LLC lowered their price target 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. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price target on the stock. Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a "buy" rating and a $320.00 price target on the stock. Finally, Robert W. Baird lifted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average target price of $326.00.

Cadence Design Systems Stock Performance

CDNS traded down $6.89 on Tuesday, reaching $302.86. The company had a trading volume of 1,682,085 shares, compared to its average volume of 1,761,479. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The stock has a market cap of $83.06 billion, a P/E ratio of 79.49, a P/E/G ratio of 4.17 and a beta of 1.03. The company's fifty day moving average is $286.53 and its 200 day moving average is $285.22. 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 announced 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 net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the business earned $1.01 EPS. Cadence Design Systems's quarterly revenue was up 18.8% on a year-over-year basis. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the sale, the director now owns 43,551 shares of the company's stock, valued at $12,019,204.98. The trade was a 3.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares of the company's stock, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,634 shares of company stock valued at $1,584,080 in the last quarter. Company insiders own 0.62% of the company's stock.

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.