Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Increased by Orion Investment Co

Orion Investment Co grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 33.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,500 shares of the software maker’s stock after purchasing an additional 2,396 shares during the period. Cadence Design Systems makes up approximately 1.1% of Orion Investment Co’s holdings, making the stock its 22nd biggest position. Orion Investment Co’s holdings in Cadence Design Systems were worth $2,854,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in CDNS. Vanguard Group Inc. increased its position in Cadence Design Systems by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock valued at $7,784,674,000 after acquiring an additional 201,340 shares during the period. State Street Corp raised its stake in shares of Cadence Design Systems by 0.5% during the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after purchasing an additional 60,490 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after acquiring an additional 404,076 shares during the period. Geode Capital Management LLC increased its position in shares of Cadence Design Systems by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock valued at $1,806,019,000 after purchasing an additional 135,251 shares during the period. Finally, Alliancebernstein L.P. raised its stake in shares of Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after buying an additional 632,175 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. This represents a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,101 shares of company stock worth $29,395,309 over the last 90 days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 6.1 %

Shares of NASDAQ:CDNS opened at $248.91 on Friday. The firm has a fifty day moving average of $269.83 and a two-hundred day moving average of $283.96. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The firm has a market capitalization of $68.28 billion, a P/E ratio of 64.48, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CDNS shares. Robert W. Baird lowered their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Bank of America dropped their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Oppenheimer reduced their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. Loop Capital decreased their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Finally, Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

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.