Bayesian Capital Management LP Acquires New Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bayesian Capital Management LP bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,295 shares of the software maker's stock, valued at approximately $1,891,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $1,170,209,000. Schroder Investment Management Group grew its position in Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after acquiring an additional 716,041 shares in the last quarter. FMR LLC increased its stake in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after purchasing an additional 632,175 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Cadence Design Systems by 25.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock valued at $882,655,000 after purchasing an additional 601,834 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Buying and Selling

In other Cadence Design Systems 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 transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares of the company's stock, valued at $2,038,025. This trade represents 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 worth $5,316,411 in the last 90 days. Corporate insiders own 0.37% of the company's stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $0.23 during trading on Thursday, hitting $308.11. 1,608,962 shares of the company's stock traded hands, compared to its average volume of 1,962,056. The company has a market cap of $84.13 billion, a PE ratio of 79.82, a PEG ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm's fifty day moving average price is $261.72 and its 200 day moving average price is $283.76. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $1.24 billion during 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 company's revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the business posted $1.17 earnings per share. Analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

CDNS has been the topic of a number of analyst reports. Rosenblatt Securities increased their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price objective for the company. Robert W. Baird upped their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Piper Sandler lifted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of "Moderate Buy" and an average price target of $322.54.

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.