Cadence Design Systems, Inc. (NASDAQ:CDNS) is Caxton Associates LP's 5th Largest Position

Caxton Associates LP grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 121.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 266,049 shares of the software maker's stock after purchasing an additional 146,049 shares during the quarter. Cadence Design Systems makes up about 2.5% of Caxton Associates LP's investment portfolio, making the stock its 5th biggest position. Caxton Associates LP owned 0.10% of Cadence Design Systems worth $79,937,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in Cadence Design Systems in the 4th quarter valued at about $1,170,209,000. Schroder Investment Management Group grew its holdings 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 valued at $623,105,000 after purchasing an additional 716,041 shares during the period. FMR LLC increased its position in Cadence Design Systems by 8.7% during the fourth 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 stake in Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings 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. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on CDNS. Robert W. Baird lifted their target price on 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 boosted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Oppenheimer cut their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Bank of America boosted their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note 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 company from $300.00 to $325.00 in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $322.54.

Cadence Design Systems Stock Down 0.7 %

Shares of CDNS stock traded down $2.18 during mid-day trading on Friday, reaching $305.78. 1,479,962 shares of the company were exchanged, compared to its average volume of 1,968,485. The company has a market capitalization of $83.49 billion, a P/E ratio of 79.22, a P/E/G ratio of 3.88 and a beta of 1.04. The business's 50 day simple moving average is $264.34 and its 200 day simple moving average is $284.76. 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 released its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping 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 firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the company posted $1.17 earnings per share. The firm's revenue was up 23.1% on a year-over-year basis. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated 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 owns 58,123 shares of the company's stock, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were 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 directly owns 209,548 shares of the company's stock, valued at $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 ninety days, insiders have sold 17,577 shares of company stock worth $5,316,411. 0.37% of the stock is owned by company insiders.

About Cadence Design Systems

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.