Cadence Design Systems, Inc. $CDNS Shares Purchased by Tamar Securities LLC

Key Points

• Tamar Securities increased its Cadence Design Systems stake by 12.5% in the third quarter, adding 7,379 shares to reach 66,595 shares valued at about $22 million.
• Other institutional investors also added shares, and institutions and hedge funds now own 84.85% of the company.
• Cadence beat quarterly earnings and revenue estimates, with revenue up 22% year over year; analysts’ consensus rating was “Moderate Buy,” with an average price target of $410.05.

Tamar Securities LLC increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 12.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,595 shares of the software maker's stock after acquiring an additional 7,379 shares during the quarter. Cadence Design Systems comprises 2.0% of Tamar Securities LLC's investment portfolio, making the stock its 22nd biggest position. Tamar Securities LLC's holdings in Cadence Design Systems were worth $21,989,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Alps Advisors Inc. boosted its position in shares of Cadence Design Systems by 19.1% during the 3rd quarter. Alps Advisors Inc. now owns 5,343 shares of the software maker's stock worth $1,764,000 after purchasing an additional 856 shares during the period. International Assets Investment Management LLC raised its stake in Cadence Design Systems by 10.2% in the third quarter. International Assets Investment Management LLC now owns 864 shares of the software maker's stock valued at $303,000 after buying an additional 80 shares in the last quarter. Heritage Family Offices LLP lifted its stake in Cadence Design Systems by 5.3% during the third quarter. Heritage Family Offices LLP now owns 636 shares of the software maker's stock worth $210,000 after purchasing an additional 32 shares during the last quarter. Liberty Capital Management Inc. boosted its holdings in shares of Cadence Design Systems by 4.7% in the 3rd quarter. Liberty Capital Management Inc. now owns 11,172 shares of the software maker's stock valued at $3,689,000 after buying an additional 506 shares in the last quarter. Finally, Alta Advisers Ltd grew its holdings in shares of Cadence Design Systems by 83.3% during the third quarter. Alta Advisers Ltd now owns 1,967 shares of the software maker's stock worth $649,000 after purchasing an additional 894 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Piper Sandler upped their price target on shares of Cadence Design Systems from $325.00 to $349.00 and gave the company a "neutral" rating in a research report on Tuesday, July 28th. Oppenheimer reaffirmed a "market perform" rating and issued a $300.00 target price (up from $275.00) on shares of Cadence Design Systems in a report on Tuesday, July 28th. Mizuho set a $400.00 target price on Cadence Design Systems in a report on Tuesday, October 27th. Robert W. Baird upped their target price on shares of Cadence Design Systems from $420.00 to $440.00 and gave the company an "outperform" rating in a report on Tuesday, October 27th. Finally, The Goldman Sachs Group lifted their price objective on Cadence Design Systems from $410.00 to $470.00 and gave the company a "buy" rating in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $410.05.

Cadence Design Systems Stock Up 2.7%

Shares of Cadence Design Systems stock traded up $8.49 during trading hours on Friday, hitting $319.92. 2,034,548 shares of the company's stock traded hands, compared to its average volume of 2,384,238. Cadence Design Systems, Inc. has a twelve month low of $262.75 and a twelve month high of $416.69. The company has a market cap of $87.78 billion, a PE ratio of 63.60, a PEG ratio of 3.12 and a beta of 1.10. The company has a quick ratio of 1.18, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The stock has a 50 day simple moving average of $319.83 and a 200-day simple moving average of $327.44.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.06. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the firm earned $1.93 earnings per share. The business's revenue was up 22.0% compared to the same quarter last year. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the business's stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $350.07, for a total value of $437,587.50. Following the completion of the sale, the director directly owned 39,544 shares of the company's stock, valued at $13,843,168.08. The trade was a 3.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $285.51, for a total value of $51,391.80. Following the completion of the sale, the director directly owned 7,824 shares of the company's stock, valued at approximately $2,233,830.24. This represents a 2.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 8,960 shares of company stock worth $2,834,139. Company insiders own 0.49% of the company's stock.

Cadence Design Systems Profile

Cadence Design Systems, Inc develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards.

The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.

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