Gotham Asset Management LLC Has $32.79 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Gotham Asset Management LLC lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 47.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 109,124 shares of the software maker’s stock after buying an additional 34,905 shares during the period. Cadence Design Systems accounts for about 0.3% of Gotham Asset Management LLC’s investment portfolio, making the stock its 18th biggest holding. Gotham Asset Management LLC’s holdings in Cadence Design Systems were worth $32,787,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Ancora Advisors LLC grew its position in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after purchasing an additional 112 shares during the period. Avalon Trust Co bought a new stake in Cadence Design Systems during the 4th quarter valued at $39,000. OFI Invest Asset Management acquired a new position in Cadence Design Systems during the fourth quarter worth $46,000. Finally, Synergy Investment Management LLC bought a new position in shares of Cadence Design Systems in the fourth quarter valued at $50,000. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CDNS. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. Robert W. Baird boosted their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Bank of America raised their target price on Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Mizuho upped their price target on Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Finally, Rosenblatt Securities raised their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $322.54.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer now owns 209,548 shares of the company’s stock, valued at $64,959,880. This represents a 4.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,577 shares of company stock valued at $5,316,411 in the last 90 days. Insiders own 0.37% of the company’s stock.

Cadence Design Systems Price Performance

CDNS opened at $305.78 on Friday. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The firm has a 50-day moving average of $264.34 and a 200 day moving average of $284.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm has a market cap of $83.49 billion, a P/E ratio of 79.22, a PEG ratio of 3.88 and a beta of 1.04.

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

About Cadence Design Systems

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.