Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Empirical Finance LLC

Empirical Finance LLC lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,366 shares of the software maker’s stock after buying an additional 160 shares during the quarter. Empirical Finance LLC’s holdings in Cadence Design Systems were worth $2,382,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in Cadence Design Systems by 31,049.1% during the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock worth $309,835,000 after buying an additional 1,214,330 shares during the last quarter. Jennison Associates LLC raised its position in shares of Cadence Design Systems by 13.2% during the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock worth $2,305,489,000 after acquiring an additional 1,054,702 shares in the last quarter. Schroder Investment Management Group lifted its stake in Cadence Design Systems by 53.1% during the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock worth $623,105,000 after purchasing an additional 716,041 shares during the last quarter. FMR LLC boosted its holdings in Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after purchasing an additional 632,175 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the business’s 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 transaction, the chief executive officer owned 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Paul Scannell sold 4,710 shares of the firm’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the completion of the sale, the vice president directly owned 28,442 shares of the company’s stock, valued at $8,532,600. This represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,795 shares of company stock worth $6,065,087 in the last 90 days. Corporate insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Mizuho boosted their price objective on shares of Cadence Design Systems from $325.00 to $360.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 22nd. Rosenblatt Securities reissued a “neutral” rating and issued a $300.00 price target on shares of Cadence Design Systems in a research report on Friday. Wells Fargo & Company raised their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Wall Street Zen cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Sunday, July 20th. Finally, JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their target price for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $332.57.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $332.19 on Friday. The stock’s 50-day moving average price is $309.39 and its 200 day moving average price is $288.63. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $90.70 billion, a PE ratio of 84.10, a price-to-earnings-growth ratio of 4.62 and a beta of 0.99. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $335.16.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the company posted $1.17 earnings per share. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS 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.