14,212 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Acquired by Sone Capital Management LLC

Sone Capital Management LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,212 shares of the software maker's stock, valued at approximately $4,270,000.

Other large investors have also recently made changes to their positions in the company. Vident Advisory LLC lifted its holdings in Cadence Design Systems by 52.1% during the 4th quarter. Vident Advisory LLC now owns 32,709 shares of the software maker's stock worth $9,828,000 after buying an additional 11,209 shares during the last quarter. Vista Cima Wealth Management LLC purchased a new stake in Cadence Design Systems during the 4th quarter worth about $514,000. Two Sigma Investments LP purchased a new stake in Cadence Design Systems during the 4th quarter worth about $1,352,000. Tairen Capital Ltd purchased a new stake in Cadence Design Systems during the 4th quarter worth about $1,502,000. Finally, Texas Bank & Trust Co purchased a new stake in Cadence Design Systems during the 4th quarter worth about $225,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded down $1.12 during mid-day trading on Friday, reaching $315.51. The company's stock had a trading volume of 1,010,529 shares, compared to its average volume of 1,977,242. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The business has a 50 day moving average price of $279.22 and a 200-day moving average price of $287.66. The firm has a market cap of $86.15 billion, a price-to-earnings ratio of 81.74, a PEG ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company's quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.17 EPS. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director now 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 18,445 shares of company stock valued at $5,594,127. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CDNS shares. Loop Capital dropped their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Wall Street Zen downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. KeyCorp increased their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Finally, Wells Fargo & Company raised their price target on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. One 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 company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Company 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.