DF Dent & Co. Inc. Buys 127,000 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

DF Dent & Co. Inc. lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 64.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 322,917 shares of the software maker’s stock after acquiring an additional 127,000 shares during the period. DF Dent & Co. Inc.’s holdings in Cadence Design Systems were worth $97,024,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Avior Wealth Management LLC raised its position in Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after purchasing an additional 36 shares in the last quarter. Lindbrook Capital LLC raised its holdings in shares of Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock valued at $670,000 after buying an additional 38 shares in the last quarter. Empower Advisory Group LLC raised its holdings in shares of Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after buying an additional 41 shares in the last quarter. Marcum Wealth LLC boosted its stake in Cadence Design Systems by 4.1% in the fourth quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock worth $337,000 after buying an additional 44 shares in the last quarter. Finally, CX Institutional grew its position in Cadence Design Systems by 2.6% during the fourth quarter. CX Institutional now owns 1,791 shares of the software maker’s stock valued at $538,000 after acquiring an additional 46 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 94,451 shares of company stock valued at $29,231,093. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $264.94 on Thursday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm’s fifty day simple moving average is $271.35 and its 200 day simple moving average is $284.21. The stock has a market cap of $72.68 billion, a P/E ratio of 68.64, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. 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 report on Wednesday, February 19th. Robert W. Baird lowered their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Loop Capital lowered their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, Oppenheimer reduced their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $324.83.

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.