ZEGA Investments LLC Takes $328,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

ZEGA Investments LLC bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, HoldingsChannel.com reports. The firm bought 1,023 shares of the software maker’s stock, valued at approximately $328,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Swedbank AB grew its holdings in Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after buying an additional 230,672 shares in the last quarter. Principal Financial Group Inc. grew its position in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Commerce Bank lifted its position in shares of Cadence Design Systems by 8.2% during the 3rd quarter. Commerce Bank now owns 24,506 shares of the software maker’s stock worth $6,642,000 after buying an additional 1,859 shares in the last quarter. Citizens Financial Group Inc. RI boosted its stake in shares of Cadence Design Systems by 3.3% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 4,463 shares of the software maker’s stock worth $1,210,000 after buying an additional 141 shares during the last quarter. Finally, Intech Investment Management LLC grew its holdings in shares of Cadence Design Systems by 3.7% in the third quarter. Intech Investment Management LLC now owns 14,166 shares of the software maker’s stock valued at $3,839,000 after acquiring an additional 499 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Up 1.5 %

NASDAQ:CDNS opened at $262.42 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm’s 50-day moving average price is $278.01 and its 200-day moving average price is $283.79. The company has a market capitalization of $71.93 billion, a PE ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 101,021 shares of company stock valued at $31,229,155. Insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Rosenblatt Securities lifted their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Bank of America lowered their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Robert W. Baird reduced their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Mizuho increased their price target 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. Finally, Piper Sandler boosted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $324.83.

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.