Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Tidal Investments LLC

Tidal Investments LLC grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 271.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 93,610 shares of the software maker's stock after acquiring an additional 68,437 shares during the period. Tidal Investments LLC's holdings in Cadence Design Systems were worth $28,126,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter worth $28,000. Ancora Advisors LLC increased its position in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at $39,000. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth $46,000. Finally, Synergy Investment Management LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter worth $50,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded down $0.92 on Thursday, reaching $316.63. 1,480,776 shares of the stock were exchanged, compared to its average volume of 1,977,671. The firm has a market capitalization of $86.45 billion, a PE ratio of 82.03, a PEG ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The business has a fifty day moving average price of $276.76 and a two-hundred day moving average price of $287.31. 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 (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 analysts' expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company's quarterly revenue was up 23.1% compared to the same quarter last year. During the same period last year, the firm earned $1.17 EPS. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now owns 58,123 shares of the company's stock, valued at $14,689,425.79. The trade was a 1.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the firm's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the completion of the transaction, the vice president now directly owns 28,442 shares of the company's stock, valued at $8,532,600. The trade was a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,445 shares of company stock worth $5,594,127 in the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CDNS. Robert W. Baird raised their price target on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Bank of America raised their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Oppenheimer reduced their price target on shares of 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. Finally, Wells Fargo & Company raised their price objective 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 investment 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. According to data from MarketBeat, the stock 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.