Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Increased by Quest Partners LLC

Quest Partners LLC increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 47.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 3,242 shares of the software maker’s stock after acquiring an additional 1,047 shares during the period. Quest Partners LLC’s holdings in Cadence Design Systems were worth $879,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in CDNS. Swedbank AB bought a new stake in shares of Cadence Design Systems in the 1st quarter worth approximately $439,988,000. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after purchasing an additional 1,119,824 shares during the last quarter. Van ECK Associates Corp raised its stake in Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after acquiring an additional 572,251 shares in the last quarter. Meridiem Investment Management Ltd. bought a new stake in Cadence Design Systems during the 3rd quarter valued at $129,285,000. Finally, 1832 Asset Management L.P. raised its stake in Cadence Design Systems by 111.5% during the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock valued at $266,583,000 after acquiring an additional 451,530 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $304.01 on Thursday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $83.38 billion, a price-to-earnings ratio of 79.79, a PEG ratio of 3.93 and a beta of 1.02. The stock’s fifty day simple moving average is $276.99 and its 200 day simple moving average is $283.28. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the firm posted $1.01 EPS. The company’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. The trade was a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,634 shares of company stock valued at $4,217,635. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CDNS shares. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Mizuho began coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. Finally, Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

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.