Maytus Capital Management LLC Takes $4.96 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Maytus Capital Management LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 16,499 shares of the software maker's stock, valued at approximately $4,957,000. Cadence Design Systems accounts for 1.7% of Maytus Capital Management LLC's investment portfolio, making the stock its 28th largest position.

Other institutional investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Cadence Design Systems by 4.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 323,107 shares of the software maker's stock valued at $97,092,000 after buying an additional 12,991 shares during the last quarter. MJP Associates Inc. ADV grew its holdings in Cadence Design Systems by 6.3% in the fourth quarter. MJP Associates Inc. ADV now owns 2,733 shares of the software maker's stock worth $821,000 after purchasing an additional 163 shares during the last quarter. Mmbg Investment Advisors CO. lifted its holdings in shares of Cadence Design Systems by 28.3% during the 4th quarter. Mmbg Investment Advisors CO. now owns 2,493 shares of the software maker's stock valued at $749,000 after purchasing an additional 550 shares during the last quarter. Lazard Asset Management LLC boosted its position in shares of Cadence Design Systems by 5.1% in the 4th quarter. Lazard Asset Management LLC now owns 560,704 shares of the software maker's stock worth $168,468,000 after purchasing an additional 27,148 shares in the last quarter. Finally, Light Street Capital Management LLC purchased a new position in Cadence Design Systems during the 4th quarter worth $234,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction that occurred on 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 owns 209,548 shares of the company's stock, 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 filing with the SEC, which is accessible through the SEC website. Also, VP Paul Scannell sold 4,710 shares of the stock in a transaction on Tuesday, April 29th. The stock was 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 approximately $8,532,600. The trade was a 14.21% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,577 shares of company stock valued at $5,316,411. Corporate insiders own 1.99% of the company's stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research reports. Piper Sandler lifted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Robert W. Baird increased their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Bank of America lifted their target price on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Finally, Mizuho upped their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $322.54.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $311.77 on Tuesday. The business has a 50-day moving average of $265.68 and a two-hundred day moving average of $285.37. The firm has a market capitalization of $85.13 billion, a PE ratio of 80.77, a P/E/G ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm's revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.17 EPS. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.

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