Graham Capital Management L.P. Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Graham Capital Management L.P. cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 50.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 941 shares of the software maker's stock after selling 945 shares during the quarter. Graham Capital Management L.P.'s holdings in Cadence Design Systems were worth $283,000 at the end of the most recent reporting period.

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

Cadence Design Systems Stock Down 0.9%

Shares of NASDAQ CDNS traded down $3.00 during trading on Wednesday, hitting $317.55. The stock had a trading volume of 1,869,304 shares, compared to its average volume of 1,976,477. The firm has a fifty day moving average of $275.36 and a two-hundred day moving average of $287.10. The company has a market capitalization of $86.70 billion, a PE ratio of 82.27, a PEG ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data 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. 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 period in the prior year, the firm posted $1.17 EPS. The firm's quarterly revenue was up 23.1% compared to the same quarter last year. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on CDNS. Needham & Company LLC reiterated a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Bank of America increased 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 report on Tuesday, April 29th. Oppenheimer decreased their target price on 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. KeyCorp increased their price target on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $300.00 to $325.00 in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $325.23.

Insider Buying and Selling

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 sale, the director now 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 legal filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction that occurred on 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 transaction, 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. Over the last three months, insiders have sold 18,445 shares of company stock worth $5,594,127. 1.99% of the stock is owned by company insiders.

Cadence Design Systems 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.