DSM Capital Partners LLC Buys Shares of 254 Cadence Design Systems, Inc. (NASDAQ:CDNS)

DSM Capital Partners LLC bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 254 shares of the software maker’s stock, valued at approximately $69,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CDNS. US Bancorp DE increased its position in Cadence Design Systems by 1.7% in the third quarter. US Bancorp DE now owns 31,726 shares of the software maker’s stock worth $7,433,000 after buying an additional 517 shares in the last quarter. Corient Private Wealth LLC increased its position in Cadence Design Systems by 4.8% in the third quarter. Corient Private Wealth LLC now owns 62,534 shares of the software maker’s stock worth $14,653,000 after buying an additional 2,882 shares in the last quarter. Picton Mahoney Asset Management increased its position in Cadence Design Systems by 10.2% in the third quarter. Picton Mahoney Asset Management now owns 3,450 shares of the software maker’s stock worth $808,000 after buying an additional 320 shares in the last quarter. Sigma Planning Corp increased its position in Cadence Design Systems by 16.3% in the third quarter. Sigma Planning Corp now owns 1,332 shares of the software maker’s stock worth $312,000 after buying an additional 187 shares in the last quarter. Finally, Wealthspire Advisors LLC increased its position in Cadence Design Systems by 28.8% in the third quarter. Wealthspire Advisors LLC now owns 2,173 shares of the software maker’s stock worth $509,000 after buying an additional 486 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of a number of analyst reports. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, May 17th. Robert W. Baird increased their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. KeyCorp increased their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Finally, Stifel Nicolaus increased their target price on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $326.11.

Insider Activity

In other news, CEO Anirudh Devgan sold 48,533 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $302.50, for a total value of $14,681,232.50. Following the completion of the sale, the chief executive officer now directly owns 67,812 shares of the company’s stock, valued at approximately $20,513,130. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 48,533 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $302.50, for a total value of $14,681,232.50. Following the sale, the chief executive officer now directly owns 67,812 shares of the company’s stock, valued at $20,513,130. The disclosure for this sale can be found here. Insiders sold 109,298 shares of company stock valued at $33,247,394 in the last ninety days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded down $0.41 during midday trading on Friday, reaching $294.28. 957,105 shares of the stock traded hands, compared to its average volume of 1,364,188. The stock has a market cap of $80.08 billion, a P/E ratio of 76.64, a PEG ratio of 3.60 and a beta of 1.06. Cadence Design Systems, Inc. has a 12 month low of $208.50 and a 12 month high of $327.36. The stock’s fifty day moving average is $296.25 and its 200-day moving average is $287.32. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the company earned $1.02 EPS. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

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.