Bessemer Group Inc. Decreases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bessemer Group Inc. lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 42.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 359,499 shares of the software maker’s stock after selling 263,613 shares during the quarter. Bessemer Group Inc. owned approximately 0.13% of Cadence Design Systems worth $91,431,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CDNS. Park Square Financial Group LLC acquired a new position in Cadence Design Systems during the fourth quarter worth about $348,000. Citizens Financial Group Inc. RI lifted its stake in Cadence Design Systems by 80.6% in the 4th quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker’s stock worth $2,421,000 after purchasing an additional 3,595 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Cadence Design Systems by 4.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker’s stock worth $62,935,000 after purchasing an additional 8,570 shares during the last quarter. Royal London Asset Management Ltd. grew its position in shares of Cadence Design Systems by 5.2% in the fourth quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker’s stock valued at $46,834,000 after purchasing an additional 7,766 shares in the last quarter. Finally, Jensen Investment Management Inc. acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $126,571,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on CDNS shares. Oppenheimer lowered their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, May 16th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Mizuho boosted their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. Finally, Robert W. Baird increased their price target 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 analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $325.23.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $297.53 on Thursday. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $326.19. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The company has a 50 day moving average price of $298.96 and a 200 day moving average price of $286.68. The stock has a market capitalization of $81.24 billion, a P/E ratio of 75.32, a PEG ratio of 4.11 and a beta of 0.98.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate 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 29.36% and a net margin of 22.18%. The company’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period last year, the business posted $1.17 earnings per share. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director now owns 23,996 shares of the company’s stock, valued at $7,677,520.20. This trade represents a 3.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction 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. The trade was a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,625 shares of company stock valued at $5,972,453 in the last three months. 1.99% of the stock is owned by corporate 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.