Dudley Capital Management LLC Purchases 113 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dudley Capital Management LLC grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,061 shares of the software maker’s stock after acquiring an additional 113 shares during the quarter. Dudley Capital Management LLC’s holdings in Cadence Design Systems were worth $319,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Principal Financial Group Inc. lifted its stake in Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares during the last quarter. Cerity Partners LLC lifted its stake in shares of Cadence Design Systems by 27.9% in the 3rd quarter. Cerity Partners LLC now owns 15,225 shares of the software maker’s stock valued at $4,126,000 after acquiring an additional 3,320 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Cadence Design Systems by 150.0% during the 3rd quarter. Larson Financial Group LLC now owns 500 shares of the software maker’s stock valued at $136,000 after acquiring an additional 300 shares during the period. Bank of Hawaii grew its position in Cadence Design Systems by 9.9% during the 3rd quarter. Bank of Hawaii now owns 4,321 shares of the software maker’s stock worth $1,171,000 after acquiring an additional 389 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd increased its stake in Cadence Design Systems by 10.4% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 13,292 shares of the software maker’s stock worth $3,602,000 after purchasing an additional 1,251 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $267.15 on Tuesday. The business’s fifty day moving average is $277.50 and its 200 day moving average is $284.31. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a market cap of $73.23 billion, a price-to-earnings ratio of 69.21, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on CDNS shares. Piper Sandler increased their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Robert W. Baird cut their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Bank of America lowered their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Loop Capital cut their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Mizuho boosted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $324.83.

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.