Wedge Capital Management L L P NC Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wedge Capital Management L L P NC raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 219,305 shares of the software maker’s stock after buying an additional 115 shares during the period. Cadence Design Systems comprises approximately 1.2% of Wedge Capital Management L L P NC’s investment portfolio, making the stock its 13th biggest position. Wedge Capital Management L L P NC owned 0.08% of Cadence Design Systems worth $65,892,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in Cadence Design Systems by 7.7% in the second quarter. Dimensional Fund Advisors LP now owns 596,897 shares of the software maker’s stock worth $183,705,000 after purchasing an additional 42,895 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in shares of Cadence Design Systems by 1.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 28,037 shares of the software maker’s stock worth $8,628,000 after purchasing an additional 536 shares during the last quarter. Argent Trust Co increased its stake in Cadence Design Systems by 4.2% in the 2nd quarter. Argent Trust Co now owns 3,643 shares of the software maker’s stock worth $1,121,000 after buying an additional 146 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its holdings in Cadence Design Systems by 5.0% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,400 shares of the software maker’s stock valued at $1,354,000 after buying an additional 208 shares in the last quarter. Finally, Blair William & Co. IL boosted its position in Cadence Design Systems by 1.7% in the 2nd quarter. Blair William & Co. IL now owns 5,195 shares of the software maker’s stock valued at $1,599,000 after buying an additional 87 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the sale, the chief financial officer now owns 29,248 shares in the company, valued at approximately $9,038,509.44. This represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,416 shares of company stock valued at $33,528,267. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $305.60 on Friday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company has a market cap of $83.81 billion, a PE ratio of 80.21, a PEG ratio of 3.44 and a beta of 1.04. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The business’s fifty day simple moving average is $304.43 and its 200-day simple moving average is $285.37.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating 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 company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the business posted $1.01 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research analyst reports. Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Needham & Company LLC decreased their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Redburn Atlantic began coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Finally, Mizuho increased their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $329.50.

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.