780 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Acquired by Light Street Capital Management LLC

Light Street Capital Management LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, Holdings Channel reports. The fund acquired 780 shares of the software maker’s stock, valued at approximately $234,000. Cadence Design Systems comprises 0.0% of Light Street Capital Management LLC’s investment portfolio, making the stock its 26th biggest position.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Cadence Design Systems by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock worth $7,784,674,000 after purchasing an additional 201,340 shares during the last quarter. Jennison Associates LLC boosted its holdings in Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after acquiring an additional 404,076 shares during the last quarter. FMR LLC raised its holdings in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Cadence Design Systems by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock valued at $1,806,019,000 after purchasing an additional 135,251 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent analyst reports. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, April 29th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Mizuho raised their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $322.54.

Cadence Design Systems Trading Down 0.7%

Cadence Design Systems stock opened at $305.78 on Monday. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The business’s fifty day moving average is $264.34 and its 200 day moving average is $284.99. The stock has a market capitalization of $83.49 billion, a PE ratio of 79.22, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly 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. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period last year, the business posted $1.17 EPS. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the sale, the vice president now directly owns 108,799 shares of the company’s stock, valued at approximately $27,486,979.36. This represents a 0.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction on Friday, May 2nd. The shares were 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 in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,577 shares of company stock valued at $5,316,411. 1.99% of the stock is owned by company insiders.

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.