Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Lessened by AQR Capital Management LLC

AQR Capital Management LLC decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 71.9% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 57,809 shares of the software maker's stock after selling 147,778 shares during the period. AQR Capital Management LLC's holdings in Cadence Design Systems were worth $17,369,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CDNS. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $28,000. Avalon Trust Co purchased a new stake in Cadence Design Systems during the 4th quarter worth about $39,000. Versant Capital Management Inc raised its stake in 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. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $46,000. Finally, Synergy Investment Management LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $50,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Up 0.8 %

Shares of CDNS stock traded up $2.56 during mid-day trading on Wednesday, reaching $308.34. 1,774,332 shares of the company were exchanged, compared to its average volume of 1,960,565. The company has a market capitalization of $84.19 billion, a P/E ratio of 79.88, a P/E/G ratio of 3.88 and a beta of 1.04. The business's 50 day simple moving average is $261.72 and its 200 day simple moving average is $283.76. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter last year, the company posted $1.17 earnings per share. The company's quarterly revenue was up 23.1% compared to the same quarter last year. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now directly owns 7,411 shares in the company, valued at approximately $2,038,025. This trade represents a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,577 shares of company stock worth $5,316,411 over the last 90 days. Insiders own 0.37% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CDNS. Mizuho upped their target price on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Loop Capital cut their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Finally, StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. One research 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's stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus target price 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.