Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Reduced by Graham Capital Management L.P.

Graham Capital Management L.P. cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 50.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 941 shares of the software maker’s stock after selling 945 shares during the quarter. Graham Capital Management L.P.’s holdings in Cadence Design Systems were worth $283,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. Everpar Advisors LLC purchased a new position in Cadence Design Systems in the 4th quarter worth about $209,000. Procyon Advisors LLC increased its stake in Cadence Design Systems by 6.9% in the 4th quarter. Procyon Advisors LLC now owns 1,770 shares of the software maker’s stock worth $532,000 after purchasing an additional 115 shares in the last quarter. Wealthcare Advisory Partners LLC increased its stake in Cadence Design Systems by 25.0% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 1,000 shares of the software maker’s stock worth $300,000 after purchasing an additional 200 shares in the last quarter. Relyea Zuckerberg Hanson LLC purchased a new position in Cadence Design Systems in the 4th quarter worth about $213,000. Finally, Merit Financial Group LLC purchased a new position in Cadence Design Systems in the 4th quarter worth about $667,000. 84.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 10,737 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the transaction, the chief executive officer now directly owns 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This trade represents a 1.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,577 shares of company stock valued at $5,316,411 over the last 90 days. 1.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CDNS shares. Robert W. Baird lifted their target price on Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Rosenblatt Securities lifted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research note on Tuesday, April 29th. Oppenheimer lowered their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Bank of America lifted their target price on Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $325.23.

Cadence Design Systems Trading Up 0.9%

Shares of NASDAQ CDNS opened at $321.56 on Friday. The stock has a market cap of $87.80 billion, a price-to-earnings ratio of 83.31, a PEG ratio of 3.88 and a beta of 1.04. The business has a 50 day simple moving average of $272.16 and a 200 day simple moving average of $286.52. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.17 EPS. On average, research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.