Bessemer Group Inc. Raises Stake in Cadence Design Systems, Inc. $CDNS

Bessemer Group Inc. increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 82.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 654,785 shares of the software maker’s stock after acquiring an additional 295,286 shares during the quarter. Bessemer Group Inc.’s holdings in Cadence Design Systems were worth $201,772,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC purchased a new stake in Cadence Design Systems in the first quarter worth about $25,000. Costello Asset Management INC purchased a new stake in Cadence Design Systems in the first quarter worth about $25,000. Barrett & Company Inc. purchased a new stake in Cadence Design Systems in the second quarter worth about $31,000. Saudi Central Bank purchased a new stake in Cadence Design Systems in the first quarter worth about $27,000. Finally, Valley National Advisers Inc. lifted its stake in Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock worth $28,000 after acquiring an additional 99 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO John M. Wall sold 7,500 shares of the company’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $349.16, for a total transaction of $2,618,700.00. Following the transaction, the chief financial officer owned 70,715 shares in the company, valued at $24,690,849.40. This represents a 9.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $348.27, for a total transaction of $348,270.00. Following the transaction, the vice president owned 99,672 shares in the company, valued at approximately $34,712,767.44. This trade represents a 0.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,680 shares of company stock worth $3,729,852 over the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

CDNS opened at $345.10 on Monday. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49. The company has a market cap of $94.04 billion, a P/E ratio of 93.27, a price-to-earnings-growth ratio of 4.52 and a beta of 0.99. The firm’s 50-day moving average price is $346.99 and its 200-day moving average price is $323.11.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the company posted $1.28 earnings per share. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on CDNS. Piper Sandler reaffirmed a “neutral” rating and issued a $355.00 price objective (up from $328.00) on shares of Cadence Design Systems in a research note on Tuesday, July 29th. Stifel Nicolaus increased their price target on shares of Cadence Design Systems from $350.00 to $395.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. Needham & Company LLC increased their price target on shares of Cadence Design Systems from $325.00 to $390.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. Mizuho increased their price target on shares of Cadence Design Systems from $360.00 to $375.00 and gave the company an “outperform” rating in a research report on Tuesday, July 29th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, October 22nd. Thirteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $369.71.

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.