DSM Capital Partners LLC Invests $69,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

DSM Capital Partners LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 254 shares of the software maker’s stock, valued at approximately $69,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. DekaBank Deutsche Girozentrale boosted its position in shares of Cadence Design Systems by 34.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after buying an additional 99,251 shares during the period. USA Financial Formulas boosted its position in shares of Cadence Design Systems by 380.7% during the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock worth $2,430,000 after buying an additional 7,066 shares during the period. Miracle Mile Advisors LLC purchased a new position in Cadence Design Systems in the fourth quarter valued at $934,000. Dai ichi Life Insurance Company Ltd boosted its holdings in Cadence Design Systems by 10.8% in the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 65,971 shares of the software maker’s stock valued at $17,969,000 after purchasing an additional 6,422 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in Cadence Design Systems by 9.4% in the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock valued at $11,006,000 after purchasing an additional 3,484 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of recent research reports. Piper Sandler decreased their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Wells Fargo & Company lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Robert W. Baird lifted their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $326.11.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the sale, the director now owns 49,551 shares in the company, valued at $14,228,074.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the transaction, the vice president now owns 67,144 shares in the company, valued at approximately $18,488,771.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total value of $430,710.00. Following the completion of the transaction, the director now owns 49,551 shares in the company, valued at approximately $14,228,074.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 109,298 shares of company stock worth $33,247,394. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 0.1 %

Cadence Design Systems stock traded down $0.41 during midday trading on Friday, reaching $294.28. The company’s stock had a trading volume of 957,105 shares, compared to its average volume of 1,364,188. Cadence Design Systems, Inc. has a fifty-two week low of $208.50 and a fifty-two week high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The company has a market cap of $80.08 billion, a P/E ratio of 76.64, a P/E/G ratio of 3.60 and a beta of 1.06. The business has a 50-day simple moving average of $296.25 and a 200-day simple moving average of $287.32.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the previous year, the firm earned $1.02 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal 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.