Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Sigma Planning Corp

Sigma Planning Corp trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 82.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,022 shares of the software maker's stock after selling 9,324 shares during the quarter. Sigma Planning Corp's holdings in Cadence Design Systems were worth $548,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Market Strategies LLC boosted its stake in Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker's stock valued at $400,000 after acquiring an additional 39 shares in the last quarter. Dudley Capital Management LLC grew its stake in Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker's stock worth $257,000 after buying an additional 39 shares during the last quarter. Trust Point Inc. increased its position in Cadence Design Systems by 2.9% during the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker's stock worth $379,000 after buying an additional 40 shares during the period. Falcon Wealth Planning boosted its holdings in shares of Cadence Design Systems by 5.1% in the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker's stock valued at $222,000 after acquiring an additional 40 shares during the period. Finally, Venture Visionary Partners LLC grew its position in Cadence Design Systems by 2.5% during the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker's stock worth $463,000 after purchasing an additional 41 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Wall Street Analyst Weigh In

CDNS has been the subject of several recent research reports. Piper Sandler upgraded shares of 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. Loop Capital assumed coverage on Cadence Design Systems in a research report on Monday. They set a "buy" rating and a $360.00 price objective for the company. Mizuho initiated coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 target price on the stock. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a "buy" rating and a $320.00 price target for the company. Finally, Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average target price of $326.00.

Cadence Design Systems Trading Down 4.5 %

Shares of NASDAQ CDNS traded down $13.62 during trading on Friday, hitting $289.42. 678,375 shares of the company traded hands, compared to its average volume of 1,770,803. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The firm has a market capitalization of $79.38 billion, a P/E ratio of 77.22, a P/E/G 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 company has a 50-day moving average price of $273.65 and a 200-day moving average price of $282.72.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share 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 firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.18 billion. During the same period in the previous year, the company posted $1.01 earnings per share. Cadence Design Systems's revenue was up 18.8% compared to the same quarter last year. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares of the company's stock, valued at $10,278,485.14. This represents a 20.55 % decrease in their position. The sale 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 firm's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares of the company's stock, valued at $16,866,636. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock worth $4,217,635 over the last quarter. 1.99% of the stock is owned by corporate 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.