Bain Capital Public Equity LP Purchases 14,686 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bain Capital Public Equity LP grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 151.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,355 shares of the software maker's stock after purchasing an additional 14,686 shares during the quarter. Cadence Design Systems makes up 4.7% of Bain Capital Public Equity LP's portfolio, making the stock its 8th biggest position. Bain Capital Public Equity LP's holdings in Cadence Design Systems were worth $7,318,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $303.00, for a total value of $196,950.00. Following the sale, the vice president now owns 108,149 shares in the company, valued at $32,769,147. The trade was a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $3,328,470.00. Following the transaction, the chief executive officer now owns 209,548 shares of the company's stock, valued at approximately $64,959,880. This 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 sold 17,577 shares of company stock worth $5,316,411. Insiders own 0.37% of the company's stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded up $2.56 during midday trading on Wednesday, hitting $308.34. The stock had a trading volume of 1,774,332 shares, compared to its average volume of 1,960,565. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a 50 day simple moving average of $260.56 and a 200-day simple moving average of $283.59. The company has a market capitalization of $84.19 billion, a PE ratio of 79.88, a P/E/G ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share 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 company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the firm posted $1.17 EPS. The firm's revenue for the quarter was up 23.1% on a year-over-year basis. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on CDNS shares. Rosenblatt Securities increased their price target 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. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a "buy" rating and a $350.00 price target on the stock. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Finally, Robert W. Baird raised their target price on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average 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.