Bessemer Group Inc. Lowers Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bessemer Group Inc. cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 42.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 359,499 shares of the software maker's stock after selling 263,613 shares during the period. Bessemer Group Inc. owned 0.13% of Cadence Design Systems worth $91,431,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Accredited Investors Inc. grew its stake in shares of Cadence Design Systems by 1.7% during the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after buying an additional 36 shares during the last quarter. Principal Street Partners LLC grew its holdings in shares of Cadence Design Systems by 2.6% in the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock worth $437,000 after purchasing an additional 37 shares during the last quarter. Lindbrook Capital LLC increased its stake in Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after buying an additional 38 shares during the period. Oarsman Capital Inc. lifted its holdings in Cadence Design Systems by 3.8% during the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after buying an additional 38 shares in the last quarter. Finally, Cohen & Steers Inc. grew its stake in Cadence Design Systems by 5.7% in the 4th quarter. Cohen & Steers Inc. now owns 774 shares of the software maker's stock worth $233,000 after acquiring an additional 42 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares of the company's stock, valued at $27,486,979.36. The trade was a 0.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director now owns 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,625 shares of company stock worth $5,972,453 over the last quarter. Insiders own 1.99% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Bank of America raised their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Mizuho raised their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. JPMorgan Chase & Co. raised 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 report on Thursday, April 24th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Finally, Robert W. Baird raised their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. One 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's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Stock Up 2.4%

Shares of CDNS traded up $7.37 during mid-day trading on Friday, hitting $311.06. 813,586 shares of the company traded hands, compared to its average volume of 2,016,391. The business has a 50 day moving average of $299.82 and a 200 day moving average of $286.64. The company has a market capitalization of $84.93 billion, a PE ratio of 78.72, a price-to-earnings-growth ratio of 4.12 and a beta of 0.98. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $326.19.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The business's quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the company posted $1.17 earnings per share. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current 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.