Platinum Investment Management Ltd. Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Platinum Investment Management Ltd. increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 42.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,448 shares of the software maker’s stock after purchasing an additional 1,635 shares during the period. Platinum Investment Management Ltd.’s holdings in Cadence Design Systems were worth $1,637,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CDNS. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems during the third quarter valued at $28,000. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at $28,000. Avalon Trust Co purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at $39,000. Versant Capital Management Inc increased its stake in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC boosted its position in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $253.88 on Wednesday. The business’s 50 day moving average price is $280.50 and its 200 day moving average price is $284.19. The firm has a market cap of $69.59 billion, a P/E ratio of 65.77, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $1.35 billion. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of recent research reports. Mizuho raised their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Rosenblatt Securities raised their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now directly owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,021 shares of company stock valued at $31,229,155. 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.