Cadence Design Systems, Inc. $CDNS Shares Sold by Paragon Advisors LLC

Paragon Advisors LLC reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 21.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,039 shares of the software maker’s stock after selling 1,930 shares during the period. Paragon Advisors LLC’s holdings in Cadence Design Systems were worth $2,473,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CDNS. Barrett & Company Inc. acquired a new stake in Cadence Design Systems in the second quarter worth $31,000. Robbins Farley acquired a new position in shares of Cadence Design Systems during the third quarter valued at $35,000. Strategic Wealth Investment Group LLC bought a new position in shares of Cadence Design Systems during the second quarter worth about $32,000. Promus Capital LLC acquired a new stake in shares of Cadence Design Systems in the 2nd quarter worth about $33,000. Finally, Heartwood Wealth Advisors LLC bought a new stake in Cadence Design Systems in the 3rd quarter valued at about $39,000. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CDNS. BNP Paribas Exane assumed coverage on shares of Cadence Design Systems in a research note on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price target on the stock. Rosenblatt Securities raised their target price on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research report on Tuesday, October 28th. Oppenheimer upgraded Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target for the company in a research report on Monday, December 1st. Citigroup started coverage on Cadence Design Systems in a research note on Monday, November 24th. They issued a “buy” rating and a $385.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $379.59.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $320.49 on Thursday. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. The business’s 50-day moving average price is $317.96 and its 200 day moving average price is $333.28. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The firm has a market cap of $87.24 billion, a P/E ratio of 82.60, a PEG ratio of 3.55 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.14. The company had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.64 EPS. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $315.70, for a total value of $315,700.00. Following the completion of the transaction, the vice president owned 96,067 shares in the company, valued at $30,328,351.90. This trade represents a 1.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 20,000 shares of Cadence Design Systems stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $340.00, for a total value of $6,800,000.00. Following the completion of the transaction, the chief executive officer directly owned 195,844 shares in the company, valued at $66,586,960. This represents a 9.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 62,025 shares of company stock valued at $20,369,946 in the last ninety days. 0.37% of the stock is owned by company insiders.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.