Balyasny Asset Management L.P. Reduces Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Balyasny Asset Management L.P. trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 95.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,449 shares of the software maker's stock after selling 28,739 shares during the period. Balyasny Asset Management L.P.'s holdings in Cadence Design Systems were worth $435,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems during the 4th quarter valued at $28,000. Ancora Advisors LLC increased its position in shares of Cadence Design Systems by 1,400.0% in 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 period. Avalon Trust Co bought a new position in shares of Cadence Design Systems during the fourth quarter valued at about $39,000. 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 bought a new stake in shares of Cadence Design Systems in the fourth quarter worth about $50,000. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director now directly owns 23,996 shares of the company's stock, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,445 shares of company stock worth $5,594,127. 1.99% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have commented on CDNS shares. Loop Capital lowered their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Rosenblatt Securities upped their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. KeyCorp raised their price target on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Bank of America boosted their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Cadence Design Systems Stock Down 0.4%

NASDAQ CDNS traded down $1.14 during trading hours on Thursday, reaching $316.42. 245,533 shares of the company's stock traded hands, compared to its average volume of 1,972,996. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. 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 has a 50-day simple moving average of $276.76 and a 200 day simple moving average of $287.31. The firm has a market cap of $86.39 billion, a PE ratio of 82.03, a PEG ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results 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 net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm earned $1.17 earnings per share. The business's revenue for the quarter was up 23.1% on a year-over-year basis. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 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.