GF Fund Management CO. LTD. Acquires New Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

GF Fund Management CO. LTD. bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 87,418 shares of the software maker's stock, valued at approximately $26,266,000.

Several other hedge funds have also modified their holdings of the stock. Vega Investment Solutions acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $521,000. Fourth Dimension Wealth LLC purchased a new position in Cadence Design Systems in the fourth quarter valued at approximately $111,000. Vise Technologies Inc. raised its holdings in Cadence Design Systems by 74.2% in the fourth quarter. Vise Technologies Inc. now owns 4,800 shares of the software maker's stock valued at $1,442,000 after buying an additional 2,045 shares during the period. Connecticut Wealth Management LLC raised its holdings in Cadence Design Systems by 24.4% in the fourth quarter. Connecticut Wealth Management LLC now owns 985 shares of the software maker's stock valued at $296,000 after buying an additional 193 shares during the period. Finally, Headinvest LLC raised its holdings in Cadence Design Systems by 1.9% in the fourth quarter. Headinvest LLC now owns 2,565 shares of the software maker's stock valued at $771,000 after buying an additional 49 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related 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 transaction of $277,716.60. Following the sale, the director now directly owns 23,996 shares in the company, valued at $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. This represents a 0.59% decrease in their ownership of the stock. 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. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Down 10.7%

Shares of CDNS stock traded down $34.47 during mid-day trading on Wednesday, reaching $288.61. 6,947,577 shares of the company were exchanged, compared to its average volume of 1,999,051. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a market capitalization of $78.80 billion, a P/E ratio of 74.77, a P/E/G ratio of 3.88 and a beta of 1.04. The business's 50 day simple moving average is $281.65 and its 200 day simple moving average is $287.85.

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. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm's revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.17 earnings per share. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

CDNS has been the topic of several research reports. Bank of America raised their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Piper Sandler raised their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report 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. 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. Finally, Needham & Company LLC reiterated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average 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.