XTX Topco Ltd Buys New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• XTX Topco Ltd acquired a new stake in Cadence Design Systems by purchasing 4,295 shares valued at approximately $1,092,000 in the first quarter.
• Analysts have raised price targets for Cadence Design Systems, with KeyCorp increasing its target from $358 to $405, and Berenberg Bank setting a target of $400.
• Cadence reported a quarterly revenue of $1.28 billion, exceeding expectations and demonstrating a 20.2% increase year-over-year.

XTX Topco Ltd bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,295 shares of the software maker's stock, valued at approximately $1,092,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Banque Cantonale Vaudoise purchased a new position in shares of Cadence Design Systems in the first quarter worth $3,269,000. Federated Hermes Inc. raised its holdings in shares of Cadence Design Systems by 11.6% in the first quarter. Federated Hermes Inc. now owns 37,273 shares of the software maker's stock worth $9,480,000 after buying an additional 3,873 shares during the last quarter. Kirtland Hills Capital Management LLC raised its holdings in shares of Cadence Design Systems by 5.6% in the first quarter. Kirtland Hills Capital Management LLC now owns 865 shares of the software maker's stock worth $225,000 after buying an additional 46 shares during the last quarter. Meeder Asset Management Inc. raised its holdings in shares of Cadence Design Systems by 36.5% in the first quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock worth $44,000 after buying an additional 46 shares during the last quarter. Finally, Fiera Capital Corp raised its holdings in shares of Cadence Design Systems by 10.6% in the first quarter. Fiera Capital Corp now owns 32,962 shares of the software maker's stock worth $8,383,000 after buying an additional 3,171 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CDNS shares. KeyCorp increased their price objective on shares of Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday. Berenberg Bank set a $400.00 target price on shares of Cadence Design Systems in a report on Wednesday. Piper Sandler reissued a "neutral" rating and set a $355.00 target price (up previously from $328.00) on shares of Cadence Design Systems in a report on Tuesday. Stifel Nicolaus raised their target price on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, The Goldman Sachs Group assumed coverage on shares of Cadence Design Systems in a report on Thursday, July 10th. They set a "buy" rating and a $380.00 target price for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $364.33.

Cadence Design Systems Stock Down 2.1%

CDNS opened at $356.97 on Friday. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 2.82. The company has a fifty day moving average of $313.43 and a two-hundred day moving average of $290.80. The stock has a market capitalization of $97.27 billion, a price-to-earnings ratio of 96.48, a PEG ratio of 4.78 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. The business had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The company's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.28 earnings per share. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other news, Director James D. Plummer sold 868 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the sale, the director owned 23,996 shares of the company's stock, valued at $7,677,520.20. The trade was 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, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director owned 8,010 shares in the company, valued at $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,698 shares of company stock valued at $1,126,667 over the last 90 days. Corporate insiders own 1.99% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.