Convergence Investment Partners LLC Acquires 1,124 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Convergence Investment Partners LLC raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 67.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,801 shares of the software maker’s stock after acquiring an additional 1,124 shares during the period. Convergence Investment Partners LLC’s holdings in Cadence Design Systems were worth $763,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Legacy Capital Wealth Partners LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $244,000. Dohj LLC purchased a new position in Cadence Design Systems in the fourth quarter worth $359,000. Headlands Technologies LLC boosted its position in Cadence Design Systems by 297.8% in the fourth quarter. Headlands Technologies LLC now owns 4,610 shares of the software maker’s stock worth $1,256,000 after purchasing an additional 3,451 shares during the last quarter. Truist Financial Corp lifted its position in shares of Cadence Design Systems by 4.5% during the 4th quarter. Truist Financial Corp now owns 279,780 shares of the software maker’s stock valued at $76,204,000 after buying an additional 12,129 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of Cadence Design Systems by 1.9% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 760,492 shares of the software maker’s stock valued at $207,135,000 after buying an additional 14,500 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 1.9 %

Shares of NASDAQ:CDNS traded up $5.33 during trading on Friday, reaching $282.41. 2,141,655 shares of the company traded hands, compared to its average volume of 1,576,006. The firm has a market capitalization of $76.85 billion, a price-to-earnings ratio of 73.54, a P/E/G ratio of 3.32 and a beta of 1.04. Cadence Design Systems, Inc. has a 52-week low of $198.92 and a 52-week high of $327.36. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.08. The business’s fifty day moving average is $303.85 and its 200-day moving average is $281.40.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 earnings per share. As a group, analysts forecast that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Piper Sandler dropped their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, April 19th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.11.

Insider Buying and Selling

In related news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James D. Plummer sold 2,412 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total value of $760,744.80. Following the completion of the sale, the director now directly owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock valued at $52,231,207 over the last quarter. 1.99% of the stock is owned by company insiders.

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.