Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Gotham Asset Management LLC

Gotham Asset Management LLC boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 47.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 109,124 shares of the software maker's stock after acquiring an additional 34,905 shares during the quarter. Cadence Design Systems makes up approximately 0.3% of Gotham Asset Management LLC's portfolio, making the stock its 18th largest holding. Gotham Asset Management LLC's holdings in Cadence Design Systems were worth $32,787,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CDNS. Vanguard Group Inc. grew its stake in shares of Cadence Design Systems by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after purchasing an additional 201,340 shares during the last quarter. Jennison Associates LLC boosted its stake in Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock worth $2,406,760,000 after acquiring an additional 404,076 shares during the last quarter. FMR LLC increased its stake in Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Cadence Design Systems by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock worth $1,806,019,000 after acquiring an additional 135,251 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after acquiring an additional 632,175 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction on 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 $2,038,025. This trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,577 shares of company stock valued at $5,316,411 in the last three months. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on CDNS shares. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 target price on the stock. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Finally, Mizuho raised their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. One 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, the stock has a consensus rating of "Moderate Buy" and an average price target of $322.54.

Cadence Design Systems Price Performance

Shares of CDNS stock traded up $2.73 on Tuesday, reaching $314.50. The company's stock had a trading volume of 223,839 shares, compared to its average volume of 1,963,746. The company has a market capitalization of $85.87 billion, a price-to-earnings ratio of 81.55, a price-to-earnings-growth 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 company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock's fifty day simple moving average is $265.68 and its 200-day simple moving average is $285.37.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion for 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%. Cadence Design Systems's quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.17 EPS. Analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.