38,570 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by Parkwood LLC

Parkwood LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 38,570 shares of the software maker’s stock, valued at approximately $11,589,000. Cadence Design Systems makes up 1.3% of Parkwood LLC’s holdings, making the stock its 20th largest position.

A number of other institutional investors have also recently modified their holdings of CDNS. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems during the fourth quarter worth about $28,000. Ancora Advisors LLC grew its position in Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after acquiring an additional 112 shares during the last quarter. Avalon Trust Co acquired a new position in Cadence Design Systems during the fourth quarter worth about $39,000. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $46,000. Finally, Synergy Investment Management LLC bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $50,000. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CDNS. Loop Capital lowered their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Bank of America upped their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Rosenblatt Securities increased their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research report on Tuesday, April 29th. Piper Sandler boosted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Finally, Mizuho raised their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $322.54.

Insider Activity

In other news, VP Paul Scannell sold 4,710 shares of the firm’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the transaction, the vice president now owns 28,442 shares in the company, valued at $8,532,600. This trade represents a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the transaction, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,577 shares of company stock worth $5,316,411 over the last three months. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Up 2.2%

Shares of NASDAQ:CDNS opened at $318.66 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The business’s 50 day simple moving average is $267.19 and its two-hundred day simple moving average is $285.60. The firm has a market cap of $87.01 billion, a P/E ratio of 82.55, a PEG ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the business earned $1.17 EPS. Cadence Design Systems’s quarterly revenue was up 23.1% compared to the same quarter last year. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 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.