5,000 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Acquired by Tairen Capital Ltd

Tairen Capital Ltd acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,000 shares of the software maker's stock, valued at approximately $1,502,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Procyon Advisors LLC grew its stake in Cadence Design Systems by 6.9% during the 4th quarter. Procyon Advisors LLC now owns 1,770 shares of the software maker's stock valued at $532,000 after purchasing an additional 115 shares during the last quarter. Wealthcare Advisory Partners LLC raised its stake in shares of Cadence Design Systems by 25.0% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 1,000 shares of the software maker's stock worth $300,000 after purchasing an additional 200 shares during the last quarter. Merit Financial Group LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth about $667,000. HB Wealth Management LLC boosted its position in Cadence Design Systems by 21.7% in the fourth quarter. HB Wealth Management LLC now owns 4,540 shares of the software maker's stock valued at $1,364,000 after buying an additional 811 shares during the last quarter. Finally, Moss Adams Wealth Advisors LLC acquired a new position in Cadence Design Systems in the 4th quarter worth approximately $254,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

CDNS stock traded down $0.92 during trading on Thursday, hitting $316.63. The stock had a trading volume of 1,480,776 shares, compared to its average volume of 1,977,672. 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 twelve month low of $221.56 and a twelve month high of $328.99. The stock has a market capitalization of $86.45 billion, a P/E ratio of 82.03, a PEG ratio of 3.88 and a beta of 1.04. The company's 50-day moving average price is $276.76 and its two-hundred day moving average price is $287.31.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 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 analysts' expectations of $1.24 billion. During the same period in the previous year, the business earned $1.17 earnings per share. The firm's revenue for the quarter was up 23.1% on a year-over-year basis. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director James D. Plummer sold 868 shares of the company's stock in a transaction that occurred 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 sale, the director now directly owns 23,996 shares in the company, valued at $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the business's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares in the company, valued at $27,486,979.36. This trade represents a 0.59% decrease in their position. 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 insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on CDNS shares. Loop Capital dropped their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Wells Fargo & Company raised their target price on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Oppenheimer decreased their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Finally, Piper Sandler raised their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average 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.