Susquehanna Fundamental Investments LLC Takes $1.91 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Susquehanna Fundamental Investments LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 6,220 shares of the software maker’s stock, valued at approximately $1,914,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Empowered Funds LLC lifted its position in Cadence Design Systems by 223.8% during the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after acquiring an additional 6,346 shares in the last quarter. Norden Group LLC lifted its position in Cadence Design Systems by 1,659.3% during the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after acquiring an additional 12,544 shares in the last quarter. Pinebridge Investments L.P. lifted its position in Cadence Design Systems by 37.5% during the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock worth $5,258,000 after acquiring an additional 5,269 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares in the last quarter. Finally, Park National Corp OH lifted its position in Cadence Design Systems by 19.8% during the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock worth $41,931,000 after acquiring an additional 22,537 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CDNS shares. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Robert W. Baird lowered their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, Oppenheimer started coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $323.60.

Cadence Design Systems Trading Down 1.1 %

Shares of CDNS stock opened at $271.03 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a 1 year low of $227.77 and a 1 year high of $328.99. The stock has a fifty day moving average of $267.11 and a two-hundred day moving average of $288.67. The firm has a market capitalization of $73.83 billion, a PE ratio of 70.58, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the firm posted $0.94 EPS. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the sale, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the sale, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the sale, the senior vice president now owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,672 shares of company stock worth $7,590,312. 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.