Stevens Capital Management LP Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Stevens Capital Management LP raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 93.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,517 shares of the software maker’s stock after acquiring an additional 1,218 shares during the period. Stevens Capital Management LP’s holdings in Cadence Design Systems were worth $686,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems in the third quarter worth about $26,000. Valley National Advisers Inc. grew its holdings in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares in the last quarter. Fortitude Family Office LLC bought a new position in Cadence Design Systems during the 4th quarter worth about $28,000. Rakuten Securities Inc. bought a new position in Cadence Design Systems during the 4th quarter worth about $45,000. Finally, Catalyst Capital Advisors LLC grew its holdings in Cadence Design Systems by 34.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after acquiring an additional 52 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CDNS has been the topic of several recent research reports. KeyCorp increased their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Piper Sandler decreased their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. 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. Finally, Robert W. Baird increased their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $316.50.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares in the company, valued at $41,468,674.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,044 shares of company stock worth $52,231,207. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded down $0.58 during midday trading on Thursday, reaching $277.08. 2,043,585 shares of the stock were exchanged, compared to its average volume of 1,572,116. The firm has a market cap of $75.43 billion, a price-to-earnings ratio of 72.31, a PEG ratio of 3.43 and a beta of 1.04. Cadence Design Systems, Inc. has a twelve month low of $198.92 and a twelve month high of $327.36. The firm has a 50-day simple moving average of $304.38 and a two-hundred day simple moving average of $280.97. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the company earned $1.02 EPS. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.81 EPS for the current fiscal year.

About Cadence Design Systems

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.