Symmetry Investments LP Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Symmetry Investments LP bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,364 shares of the software maker’s stock, valued at approximately $1,343,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Ulland Investment Advisors LLC bought a new position in Cadence Design Systems during the 1st quarter valued at $25,000. RiverPark Advisors LLC bought a new position in Cadence Design Systems during the 1st quarter valued at $26,000. ORG Partners LLC boosted its stake in Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the last quarter. Annapolis Financial Services LLC bought a new position in Cadence Design Systems during the 1st quarter valued at $32,000. Finally, Hollencrest Capital Management raised its holdings in shares of Cadence Design Systems by 637.5% during the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after purchasing an additional 102 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the transaction, the director now owns 46,551 shares in the company, valued at approximately $14,643,548.07. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,272 shares of company stock valued at $10,833,362. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. KeyCorp increased their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Robert W. Baird dropped their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Finally, Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Stock Down 2.4 %

CDNS stock opened at $273.76 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a fifty-two week low of $227.05 and a fifty-two week high of $328.99. The firm’s 50-day simple moving average is $269.55 and its 200 day simple moving average is $290.48. The stock has a market cap of $74.58 billion, a PE ratio of 71.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned $0.94 EPS. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

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.