Mechanics Financial Corp Purchases 155 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mechanics Financial Corp lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,218 shares of the software maker’s stock after buying an additional 155 shares during the quarter. Mechanics Financial Corp’s holdings in Cadence Design Systems were worth $1,414,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CDNS. Missouri Trust & Investment Co purchased a new stake in Cadence Design Systems during the third quarter worth $27,000. ORG Partners LLC boosted its position in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares in the last quarter. Chilton Capital Management LLC raised its holdings in Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after purchasing an additional 122 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Cadence Design Systems by 159.7% during the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after buying an additional 123 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Cadence Design Systems in the 2nd quarter valued at about $69,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This trade represents a 20.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 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 $413,970.00. Following the transaction, the director now owns 43,551 shares of the company’s stock, valued at $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $289.71 on Friday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market cap of $79.46 billion, a PE ratio of 76.04, a price-to-earnings-growth ratio of 3.93 and a beta of 1.02. The business has a 50-day simple moving average of $274.49 and a 200-day simple moving average of $282.82.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 EPS. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on CDNS. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Loop Capital initiated coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. One equities 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

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.