Armis Advisers LLC Purchases New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Armis Advisers LLC bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,114 shares of the software maker's stock, valued at approximately $635,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $28,000. Ancora Advisors LLC grew its stake in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after buying an additional 112 shares in the last quarter. Avalon Trust Co purchased a new position in Cadence Design Systems in the 4th quarter valued at approximately $39,000. OFI Invest Asset Management purchased a new position in Cadence Design Systems in the 4th quarter valued at approximately $46,000. Finally, Synergy Investment Management LLC purchased a new position in Cadence Design Systems in the 4th quarter valued at approximately $50,000. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the business's 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 completion of the sale, the vice president now owns 58,123 shares of the company's stock, valued at approximately $14,689,425.79. The trade was a 1.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer now directly owns 209,548 shares of the company's stock, 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 18,445 shares of company stock valued at $5,594,127 over the last 90 days. Insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

CDNS stock traded up $0.13 during mid-day trading on Friday, hitting $284.63. 2,901,589 shares of the stock were exchanged, compared to its average volume of 2,016,665. 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 business has a fifty day moving average price of $282.83 and a 200 day moving average price of $287.52. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The stock has a market capitalization of $77.72 billion, a price-to-earnings ratio of 73.74, a PEG ratio of 3.88 and a beta of 1.04.

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Piper Sandler lifted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Finally, Oppenheimer reduced their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

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.