Syon Capital LLC Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Syon Capital LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1,320.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 67,391 shares of the software maker's stock after buying an additional 62,648 shares during the quarter. Cadence Design Systems comprises 1.3% of Syon Capital LLC's portfolio, making the stock its 17th biggest holding. Syon Capital LLC's holdings in Cadence Design Systems were worth $18,355,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in CDNS. Nordea Investment Management AB raised its stake in shares of Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker's stock worth $515,995,000 after buying an additional 1,052,228 shares during the period. Wellington Management Group LLP grew its position in shares of Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker's stock worth $383,062,000 after purchasing an additional 962,987 shares in the last quarter. Jennison Associates LLC grew its position in shares of Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker's stock worth $1,651,166,000 after purchasing an additional 564,085 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker's stock worth $169,022,000 after purchasing an additional 448,918 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in shares of Cadence Design Systems by 26,060.9% during the fourth quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker's stock worth $757,430,000 after purchasing an additional 277,027 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Trading Up 1.9 %

Shares of Cadence Design Systems stock traded up $5.33 on Friday, reaching $282.41. The company had a trading volume of 2,131,791 shares, compared to its average volume of 1,579,181. The firm has a market cap of $76.88 billion, a price-to-earnings ratio of 73.54, a P/E/G ratio of 3.26 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.13. The firm's 50-day moving average price is $303.85 and its two-hundred day moving average price is $281.19. Cadence Design Systems, Inc. has a 1 year low of $198.92 and a 1 year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1 billion. During the same quarter in the previous year, the business earned $1.02 EPS. The company's quarterly revenue was down 1.2% on a year-over-year basis. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Needham & Company LLC reiterated a "buy" rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, April 19th. Morgan Stanley upgraded Cadence Design Systems from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Piper Sandler cut their price target on Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating for the company in a report on Tuesday. StockNews.com upgraded Cadence Design Systems from a "hold" rating to a "buy" rating in a report on Wednesday. Finally, Rosenblatt Securities restated a "neutral" rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Monday. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $316.50.

Insider Buying and Selling

In related news, VP Aneel Zaman sold 1,207 shares of the firm's stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares of the company's stock, valued at approximately $18,583,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Aneel Zaman sold 1,207 shares of the firm's stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares of the company's stock, valued at approximately $18,583,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the sale, the director now directly owns 53,183 shares of the company's stock, valued at $15,924,053.86. The disclosure for this sale can be found here. In the last three months, insiders sold 173,044 shares of company stock valued at $52,231,207. 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.