SG Capital Management LLC Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

SG Capital Management LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 6,832 shares of the software maker’s stock, valued at approximately $2,053,000.

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

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the transaction, the director now directly owns 7,411 shares of the company’s stock, valued at $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 209,548 shares in the company, valued at $64,959,880. This represents a 4.87% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,577 shares of company stock valued at $5,316,411. 1.99% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday. Robert W. Baird boosted their price target on Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. Mizuho raised their price objective 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. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research note on Tuesday, April 29th. Finally, Loop Capital dropped their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $324.08.

Cadence Design Systems Trading Down 0.2%

Cadence Design Systems stock opened at $318.77 on Friday. The firm has a 50-day moving average price of $270.41 and a two-hundred day moving average price of $286.29. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The firm has a market capitalization of $87.04 billion, a price-to-earnings ratio of 82.58, a PEG ratio of 3.88 and a beta of 1.04. 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 issued its quarterly earnings data 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 business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.17 EPS. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current 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.