Huntington National Bank Has $502,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Huntington National Bank increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.8% in the third quarter, Holdings Channel reports. The firm owned 1,853 shares of the software maker’s stock after buying an additional 118 shares during the quarter. Huntington National Bank’s holdings in Cadence Design Systems were worth $502,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Van ECK Associates Corp grew its position in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares during the period. Legal & General Group Plc grew its holdings in Cadence Design Systems by 1.8% during the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after purchasing an additional 43,654 shares during the period. Principal Financial Group Inc. increased its stake in Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Swedbank AB raised its holdings in Cadence Design Systems by 15.1% in the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after purchasing an additional 230,672 shares during the period. Finally, Impax Asset Management Group plc boosted its position in shares of Cadence Design Systems by 20.9% during the third quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker’s stock worth $371,719,000 after purchasing an additional 237,495 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on CDNS. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Piper Sandler upgraded 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 cut their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Mizuho started coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price for the company. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. One research 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $289.71 on Friday. The firm has a market cap of $79.46 billion, a PE ratio of 76.04, 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. The company’s fifty day simple moving average is $274.49 and its 200-day simple moving average is $282.77. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 EPS. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the sale, the senior vice president now directly owns 16,029 shares in the company, valued at $4,423,683.42. This trade represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,634 shares of company stock valued at $4,217,635 in the last 90 days. 1.99% of the stock is currently owned by 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.