Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Raised by Fred Alger Management LLC

Fred Alger Management LLC boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 34.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 427,427 shares of the software maker’s stock after acquiring an additional 109,198 shares during the period. Cadence Design Systems comprises about 0.6% of Fred Alger Management LLC’s investment portfolio, making the stock its 27th biggest holding. Fred Alger Management LLC owned about 0.16% of Cadence Design Systems worth $128,425,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CDNS. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems during the 4th quarter valued at approximately $28,000. Ancora Advisors LLC boosted its holdings in shares of Cadence Design Systems by 1,400.0% during 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 period. Avalon Trust Co acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at $39,000. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems during the fourth quarter worth about $46,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter worth about $50,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 10,737 shares of the company’s 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 completion of the sale, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $303.00, for a total transaction of $196,950.00. Following the transaction, the vice president now owns 108,149 shares in the company, valued at approximately $32,769,147. The trade was a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,577 shares of company stock valued at $5,316,411. 0.37% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Oppenheimer decreased their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Piper Sandler raised their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Rosenblatt Securities boosted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 29th. Mizuho increased their price target on 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, Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $322.54.

Cadence Design Systems Stock Up 0.8 %

CDNS stock opened at $308.34 on Thursday. The firm has a market cap of $84.19 billion, a PE ratio of 79.88, a P/E/G ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm has a 50 day simple moving average of $261.72 and a 200 day simple moving average of $283.76.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion during 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 quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.17 EPS. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Cadence Design Systems Company 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.