Dark Forest Capital Management LP Reduces Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dark Forest Capital Management LP lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 65.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 877 shares of the software maker's stock after selling 1,637 shares during the quarter. Dark Forest Capital Management LP's holdings in Cadence Design Systems were worth $264,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CDNS. Vanguard Group Inc. raised its stake in Cadence Design Systems by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after buying an additional 201,340 shares during the last quarter. Jennison Associates LLC grew its position in shares of Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock worth $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. FMR LLC increased its stake 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 acquiring an additional 639,146 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Cadence Design Systems by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock valued at $1,806,019,000 after purchasing an additional 135,251 shares during the period. Finally, Alliancebernstein L.P. grew its stake in Cadence Design Systems by 12.5% in 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 in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ita M. Brennan sold 180 shares of the firm's 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 transaction, the director now 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 disclosure for this sale can be found here. Insiders sold 6,840 shares of company stock valued at $1,980,999 in the last three months. Corporate insiders own 1.99% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on CDNS shares. Robert W. Baird lifted their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday. Piper Sandler increased their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their target price for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $322.54.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $8.42 during midday trading on Friday, reaching $308.15. The company's stock had a trading volume of 1,935,489 shares, compared to its average volume of 1,952,185. 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 company has a market capitalization of $84.53 billion, a P/E ratio of 79.83, a P/E/G ratio of 3.88 and a beta of 1.14. The business's fifty day simple moving average is $257.13 and its 200-day simple moving average is $282.53. 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 announced its quarterly 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 for the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the company posted $1.17 EPS. Cadence Design Systems's revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.