Alpha DNA Investment Management LLC Has $50,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Alpha DNA Investment Management LLC lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 372 shares of the software maker’s stock after selling 91 shares during the quarter. Alpha DNA Investment Management LLC’s holdings in Cadence Design Systems were worth $50,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its position in Cadence Design Systems by 1.0% during the 1st quarter. BlackRock Inc. now owns 32,598,095 shares of the software maker’s stock worth $4,465,613,000 after acquiring an additional 324,117 shares during the last quarter. Parnassus Investments CA boosted its position in Cadence Design Systems by 2.2% during the 4th quarter. Parnassus Investments CA now owns 6,978,422 shares of the software maker’s stock worth $952,066,000 after acquiring an additional 150,888 shares during the last quarter. FMR LLC boosted its position in Cadence Design Systems by 36.1% during the 4th quarter. FMR LLC now owns 6,199,519 shares of the software maker’s stock worth $845,801,000 after acquiring an additional 1,643,533 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in Cadence Design Systems by 72.7% during the 4th quarter. UBS Asset Management Americas Inc. now owns 3,095,513 shares of the software maker’s stock worth $422,321,000 after acquiring an additional 1,302,663 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Cadence Design Systems by 3.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,891,458 shares of the software maker’s stock worth $394,482,000 after acquiring an additional 100,642 shares during the last quarter. 84.18% of the stock is owned by hedge funds and other institutional investors.

In related news, CEO Lip Bu Tan sold 50,000 shares of the firm’s stock in a transaction dated Monday, May 17th. The stock was sold at an average price of $121.47, for a total value of $6,073,500.00. Following the sale, the chief executive officer now directly owns 793,894 shares of the company’s stock, valued at $96,434,304.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Aneel Zaman sold 61,936 shares of the firm’s stock in a transaction dated Wednesday, March 31st. The shares were sold at an average price of $135.00, for a total value of $8,361,360.00. Following the completion of the sale, the vice president now directly owns 155,626 shares in the company, valued at $21,009,510. The disclosure for this sale can be found here. Over the last three months, insiders have sold 245,214 shares of company stock worth $33,519,066. 2.31% of the stock is currently owned by insiders.

CDNS has been the subject of several recent analyst reports. Needham & Company LLC increased their price objective on Cadence Design Systems from $126.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, February 23rd. KeyCorp increased their price objective on Cadence Design Systems from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Tuesday, February 16th. Robert W. Baird reissued a “buy” rating on shares of Cadence Design Systems in a report on Thursday, April 29th. DA Davidson increased their price objective on Cadence Design Systems from $155.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, April 27th. Finally, Wells Fargo & Company increased their price objective on Cadence Design Systems from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday, April 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $146.92.

CDNS opened at $128.51 on Friday. The firm has a market cap of $35.76 billion, a price-to-earnings ratio of 54.92, a P/E/G ratio of 3.62 and a beta of 1.00. Cadence Design Systems, Inc. has a 52-week low of $87.75 and a 52-week high of $149.08. The company has a current ratio of 1.70, a quick ratio of 1.61 and a debt-to-equity ratio of 0.14. The stock’s fifty day moving average is $132.31.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Sunday, April 25th. The software maker reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.08. The company had revenue of $736.03 million for the quarter, compared to analyst estimates of $717.79 million. Cadence Design Systems had a return on equity of 27.00% and a net margin of 23.34%. Cadence Design Systems’s quarterly revenue was up 19.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.60 EPS. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 2.39 EPS for the current 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.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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