Bank of Montreal Can Sells 37,356 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bank of Montreal Can lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 441,113 shares of the software maker’s stock after selling 37,356 shares during the quarter. Bank of Montreal Can owned about 0.16% of Cadence Design Systems worth $120,922,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Silvercrest Asset Management Group LLC boosted its position in shares of Cadence Design Systems by 25.8% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 14,817 shares of the software maker’s stock worth $4,612,000 after acquiring an additional 3,038 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Cadence Design Systems by 26.9% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 5,479 shares of the software maker’s stock valued at $1,706,000 after purchasing an additional 1,160 shares in the last quarter. Tidal Investments LLC increased its stake in shares of Cadence Design Systems by 31.4% in the 1st quarter. Tidal Investments LLC now owns 21,505 shares of the software maker’s stock valued at $6,694,000 after purchasing an additional 5,145 shares during the last quarter. Wahed Invest LLC raised its holdings in shares of Cadence Design Systems by 15.8% during the 1st quarter. Wahed Invest LLC now owns 5,284 shares of the software maker’s stock worth $1,645,000 after buying an additional 720 shares in the last quarter. Finally, Cim LLC lifted its position in shares of Cadence Design Systems by 1.6% during the 1st quarter. Cim LLC now owns 4,115 shares of the software maker’s stock worth $1,281,000 after buying an additional 64 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the transaction, the director now owns 43,551 shares in the company, valued at approximately $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,634 shares of company stock worth $1,558,535. 1.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CDNS has been the subject of several research analyst reports. Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Mizuho initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price on the stock. Needham & Company LLC reduced their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $310.10 on Wednesday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm’s fifty day simple moving average is $280.07 and its two-hundred day simple moving average is $283.98. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The stock has a market capitalization of $85.05 billion, a P/E ratio of 81.39, a price-to-earnings-growth ratio of 4.23 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its 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 business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

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.