Two Sigma Investments LP Invests $1.35 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Two Sigma Investments LP acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,500 shares of the software maker's stock, valued at approximately $1,352,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Golden State Wealth Management LLC bought a new position in Cadence Design Systems in the fourth quarter worth about $28,000. Ancora Advisors LLC grew its stake in shares of 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 acquiring an additional 112 shares during the last quarter. Avalon Trust Co bought a new stake in Cadence Design Systems during the 4th quarter valued at about $39,000. OFI Invest Asset Management purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $46,000. Finally, Synergy Investment Management LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth $50,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Shares of CDNS stock traded up $0.66 during trading hours on Friday, hitting $296.95. The stock had a trading volume of 1,363,073 shares, compared to its average volume of 2,016,601. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock has a market capitalization of $81.08 billion, a price-to-earnings ratio of 76.93, a PEG ratio of 3.88 and a beta of 0.98. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The stock's 50-day moving average price is $285.62 and its two-hundred day moving average price is $287.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (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 return on equity of 29.24% and a net margin of 22.74%. The company's revenue for the quarter was up 23.1% on a year-over-year basis. During the same period last year, the company earned $1.17 EPS. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the sale, the director now owns 7,411 shares of the company's stock, valued at approximately $2,038,025. The trade was a 2.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares of the company's stock, 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 90 days, insiders have sold 18,445 shares of company stock worth $5,615,733. Company insiders own 1.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CDNS. Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Rosenblatt Securities lifted their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Bank of America boosted their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Finally, KeyCorp upped their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

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.