Two Sigma Investments LP Buys New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Two Sigma Investments LP acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,500 shares of the software maker's stock, valued at approximately $1,352,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Accredited Investors Inc. boosted its stake in shares of Cadence Design Systems by 1.7% in the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after purchasing an additional 36 shares during the last quarter. Lindbrook Capital LLC raised its position in shares of Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock valued at $670,000 after acquiring an additional 38 shares during the period. Oarsman Capital Inc. raised its position in shares of Cadence Design Systems by 3.8% in the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after acquiring an additional 38 shares during the period. Empower Advisory Group LLC raised its position in shares of Cadence Design Systems by 4.9% in the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after acquiring an additional 41 shares during the period. Finally, Cohen & Steers Inc. raised its position in shares of Cadence Design Systems by 5.7% in the 4th quarter. Cohen & Steers Inc. now owns 774 shares of the software maker's stock valued at $233,000 after acquiring an additional 42 shares during the period. Institutional investors own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on CDNS shares. Robert W. Baird raised their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. 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 report on Wednesday, February 19th. KeyCorp raised their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. 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 report on Thursday, April 24th. Finally, Oppenheimer lowered their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. One equities research 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. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Stock Up 0.2%

Shares of NASDAQ:CDNS traded up $0.66 during midday trading on Friday, hitting $296.95. The stock had a trading volume of 1,363,074 shares, compared to its average volume of 2,023,840. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The business's 50-day simple moving average is $286.39 and its 200-day simple moving average is $287.27. The company has a market cap of $81.08 billion, a P/E ratio of 76.93, a PEG ratio of 3.88 and a beta of 0.98.

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. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. 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 posted $1.17 earnings per share. The company's revenue for the quarter was up 23.1% compared to the same quarter last year. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction dated 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 sale, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $285.97, for a total value of $185,880.50. Following the sale, the vice president now owns 107,499 shares in the company, valued at approximately $30,741,489.03. This trade represents a 0.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,445 shares of company stock valued at $5,615,733. 1.99% of the stock is currently owned by corporate insiders.

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.