Tidal Investments LLC Purchases 68,437 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Tidal Investments LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 271.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 93,610 shares of the software maker’s stock after acquiring an additional 68,437 shares during the quarter. Tidal Investments LLC’s holdings in Cadence Design Systems were worth $28,126,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the stock. Stonebrook Private Inc. acquired a new position in Cadence Design Systems during the 4th quarter valued at approximately $373,000. Strategic Wealth Partners Ltd. increased its stake in Cadence Design Systems by 44.5% during the 4th quarter. Strategic Wealth Partners Ltd. now owns 3,080 shares of the software maker’s stock valued at $912,000 after purchasing an additional 948 shares in the last quarter. Toronto Dominion Bank increased its stake in Cadence Design Systems by 3.7% during the 4th quarter. Toronto Dominion Bank now owns 156,061 shares of the software maker’s stock valued at $46,890,000 after purchasing an additional 5,551 shares in the last quarter. Sculptor Capital LP increased its stake in Cadence Design Systems by 88.8% during the 4th quarter. Sculptor Capital LP now owns 138,800 shares of the software maker’s stock valued at $41,704,000 after purchasing an additional 65,300 shares in the last quarter. Finally, Snowden Capital Advisors LLC increased its stake in Cadence Design Systems by 22.7% during the 4th quarter. Snowden Capital Advisors LLC now owns 4,490 shares of the software maker’s stock valued at $1,349,000 after purchasing an additional 830 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 0.9%

CDNS stock opened at $321.56 on Friday. The firm has a market cap of $87.80 billion, a PE ratio of 83.31, a P/E/G ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm’s fifty day moving average is $272.16 and its 200 day moving average is $286.52. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99.

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CDNS. Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday. Bank of America increased their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Finally, Oppenheimer cut their price objective on shares of 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. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $325.23.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares of the company’s stock, valued at $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the transaction, the director now directly owns 7,411 shares in the company, valued at approximately $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,577 shares of company stock valued at $5,316,411 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

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.