Convergence Investment Partners LLC Acquires New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Convergence Investment Partners LLC acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 721 shares of the software maker’s stock, valued at approximately $217,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CDNS. Van ECK Associates Corp raised its holdings in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of 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 valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $148,594,000. Jennison Associates LLC raised its holdings in shares of Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. Finally, AustralianSuper Pty Ltd raised its holdings in shares of Cadence Design Systems by 2,353.1% in the 4th quarter. AustralianSuper Pty Ltd now owns 406,682 shares of the software maker’s stock valued at $122,192,000 after purchasing an additional 390,104 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CDNS shares. Loop Capital reduced their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday. Rosenblatt Securities boosted 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 note on Wednesday. Piper Sandler boosted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday. Mizuho boosted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $327.33.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,538,875 in the last ninety days. 0.62% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Down 8.8 %

Shares of Cadence Design Systems stock opened at $274.04 on Thursday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a 50 day moving average of $302.96 and a 200 day moving average of $287.16. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $75.16 billion, a P/E ratio of 71.93, a P/E/G ratio of 3.41 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

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.