Hexagon Capital Partners LLC Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Hexagon Capital Partners LLC increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 454 shares of the software maker’s stock after buying an additional 50 shares during the period. Hexagon Capital Partners LLC’s holdings in Cadence Design Systems were worth $124,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CDNS. DekaBank Deutsche Girozentrale boosted its holdings in shares of Cadence Design Systems by 34.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after purchasing an additional 99,251 shares during the period. Miracle Mile Advisors LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at $934,000. Pacer Advisors Inc. raised its holdings in shares of 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 acquiring an additional 3,484 shares in the last quarter. Patton Fund Management Inc. purchased a new stake in Cadence Design Systems in the fourth quarter worth about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new position in Cadence Design Systems during the 4th quarter worth about $55,443,000. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CDNS shares. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. KeyCorp upped their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Stifel Nicolaus lifted their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

Cadence Design Systems Trading Down 0.4 %

Cadence Design Systems stock opened at $274.55 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The stock has a 50-day moving average of $303.04 and a two-hundred day moving average of $281.95. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36. The stock has a market cap of $74.71 billion, a PE ratio of 71.50, a price-to-earnings-growth ratio of 3.24 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the company earned $1.02 EPS. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was 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 of the company’s stock, valued at $46,375,208.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The disclosure for this sale can be found here. Insiders sold a total of 173,044 shares of company stock valued at $52,231,207 over the last 90 days. Insiders own 1.99% of the company’s stock.

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.