Cadence Design Systems, Inc. (NASDAQ:CDNS) is Bain Capital Public Equity Management II LLC's 5th Largest Position

Bain Capital Public Equity Management II LLC lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 77.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 442,018 shares of the software maker's stock after purchasing an additional 192,429 shares during the quarter. Cadence Design Systems makes up 6.0% of Bain Capital Public Equity Management II LLC's investment portfolio, making the stock its 5th biggest holding. Bain Capital Public Equity Management II LLC owned about 0.16% of Cadence Design Systems worth $132,809,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at about $28,000. Ancora Advisors LLC boosted its stake in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares during the last quarter. Avalon Trust Co acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at about $39,000. Versant Capital Management Inc boosted its holdings in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after purchasing an additional 87 shares during the last quarter. Finally, OFI Invest Asset Management purchased a new stake in Cadence Design Systems during the fourth quarter valued at about $46,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction 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 completion of the sale, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction 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 sale, the chief executive officer now owns 209,548 shares of the company's stock, valued at approximately $64,959,880. This trade represents a 4.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,577 shares of company stock worth $5,316,411. Insiders own 0.37% of the company's stock.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded up $2.56 during midday trading on Wednesday, reaching $308.34. 1,774,332 shares of the company's stock were exchanged, compared to its average volume of 1,960,565. 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 has a market cap of $84.19 billion, a price-to-earnings ratio of 79.88, a P/E/G ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The stock's 50-day simple moving average is $260.56 and its 200 day simple moving average is $283.59.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Oppenheimer dropped their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. Bank of America upped their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, April 29th. Finally, Redburn Atlantic started coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $322.54.

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.