Atlantic Union Bankshares Corp Boosts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Atlantic Union Bankshares Corp grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,527 shares of the software maker’s stock after buying an additional 1,424 shares during the period. Atlantic Union Bankshares Corp’s holdings in Cadence Design Systems were worth $4,208,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rockefeller Capital Management L.P. boosted its position in Cadence Design Systems by 14.9% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 190,529 shares of the software maker’s stock valued at $51,644,000 after buying an additional 24,672 shares during the period. Hantz Financial Services Inc. lifted its position in shares of Cadence Design Systems by 14.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 6,294 shares of the software maker’s stock worth $1,706,000 after purchasing an additional 790 shares during the period. Lattice Capital Management LLC purchased a new stake in Cadence Design Systems during the third quarter valued at approximately $325,000. Financial Counselors Inc. lifted its position in Cadence Design Systems by 354.1% during the third quarter. Financial Counselors Inc. now owns 5,504 shares of the software maker’s stock valued at $1,492,000 after acquiring an additional 4,292 shares during the last quarter. Finally, Public Sector Pension Investment Board lifted its position in Cadence Design Systems by 16.3% during the third quarter. Public Sector Pension Investment Board now owns 12,098 shares of the software maker’s stock valued at $3,279,000 after acquiring an additional 1,700 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on CDNS. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Mizuho started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Finally, Needham & Company LLC cut their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 659 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the sale, the senior vice president now directly owns 16,029 shares in the company, valued at approximately $4,423,683.42. The trade was a 3.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the sale, the director now owns 43,551 shares in the company, valued at approximately $12,019,204.98. This trade represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,634 shares of company stock worth $1,558,535. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $304.68 on Friday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock has a market cap of $83.56 billion, a PE ratio of 79.97, a P/E/G ratio of 4.14 and a beta of 1.02. The stock has a 50 day moving average price of $281.26 and a 200 day moving average price of $284.26.

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

Cadence Design Systems Profile

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.