Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Raised by Stevens Capital Management LP

Stevens Capital Management LP increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 93.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,517 shares of the software maker’s stock after acquiring an additional 1,218 shares during the period. Stevens Capital Management LP’s holdings in Cadence Design Systems were worth $686,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CDNS. Valley National Advisers Inc. raised its stake in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth about $28,000. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the 3rd quarter worth about $26,000. Rakuten Securities Inc. purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth about $45,000. Finally, Catalyst Capital Advisors LLC raised its stake in shares of Cadence Design Systems by 34.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after purchasing an additional 52 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

CDNS traded down $0.58 during trading on Thursday, hitting $277.08. The company’s stock had a trading volume of 2,043,585 shares, compared to its average volume of 1,572,116. The firm’s 50 day moving average price is $304.38 and its two-hundred day moving average price is $280.97. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 12 month low of $198.92 and a 12 month high of $327.36. The stock has a market capitalization of $75.43 billion, a price-to-earnings ratio of 72.31, a price-to-earnings-growth ratio of 3.43 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the company posted $1.02 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares in the company, valued at $41,468,674.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 173,044 shares of company stock worth $52,231,207. 1.99% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. KeyCorp raised their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Robert W. Baird increased their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Stifel Nicolaus increased their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Piper Sandler lowered their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $316.50.

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.