Sheaff Brock Investment Advisors LLC Has $2.18 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sheaff Brock Investment Advisors LLC raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,044 shares of the software maker’s stock after acquiring an additional 67 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in Cadence Design Systems were worth $2,180,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CDNS. Swedbank AB acquired a new position in Cadence Design Systems in the first quarter valued at about $439,988,000. Principal Financial Group Inc. grew its stake 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 acquiring an additional 1,119,824 shares during the period. Van ECK Associates Corp grew its stake 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 acquiring an additional 572,251 shares during the period. Meridiem Investment Management Ltd. acquired a new position in Cadence Design Systems in the third quarter valued at about $129,285,000. Finally, 1832 Asset Management L.P. grew its stake 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 acquiring an additional 451,530 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Robert W. Baird upped their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. 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. Berenberg Bank assumed coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 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 report on Tuesday, October 29th. Finally, Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $303.04 on Friday. 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 stock’s 50 day moving average price is $272.61 and its two-hundred day moving average price is $282.58. The firm has a market capitalization of $83.11 billion, a price-to-earnings ratio of 79.54, a P/E/G ratio of 3.75 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The firm 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 business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.01 earnings per share. On average, analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 20.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,634 shares of company stock worth $4,217,635 over the last 90 days. Company insiders own 1.99% of the company’s stock.

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.