Syon Capital LLC Has $18.36 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Syon Capital LLC increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1,320.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 67,391 shares of the software maker’s stock after buying an additional 62,648 shares during the period. Cadence Design Systems accounts for 1.3% of Syon Capital LLC’s portfolio, making the stock its 17th largest holding. Syon Capital LLC’s holdings in Cadence Design Systems were worth $18,355,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Valley National Advisers Inc. grew its holdings in Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the last quarter. Fortitude Family Office LLC acquired a new position in Cadence Design Systems during the fourth quarter valued at approximately $28,000. OFI Invest Asset Management acquired a new position in Cadence Design Systems during the third quarter valued at approximately $26,000. Rakuten Securities Inc. acquired a new position in Cadence Design Systems during the fourth quarter valued at approximately $45,000. Finally, Catalyst Capital Advisors LLC grew its holdings in Cadence Design Systems by 34.7% during the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after purchasing an additional 52 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CDNS. KeyCorp increased their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Piper Sandler reduced their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday. 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 research report on Thursday, April 18th. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $316.50.

Cadence Design Systems Stock Performance

CDNS stock traded up $5.33 during midday trading on Friday, hitting $282.41. The stock had a trading volume of 2,131,737 shares, compared to its average volume of 1,571,078. The firm has a market capitalization of $76.88 billion, a price-to-earnings ratio of 72.16, a P/E/G ratio of 3.26 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $198.92 and a 52 week high of $327.36. The stock has a 50-day simple moving average of $304.01 and a 200 day simple moving average of $280.94. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.08.

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 analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business’s revenue was down 1.2% on a year-over-year basis. During the same period last year, the business earned $1.02 earnings per share. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.79 earnings per share for the current year.

Cadence Design Systems Company 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.