QRG Capital Management Inc. Increases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

QRG Capital Management Inc. boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 74,180 shares of the software maker's stock after acquiring an additional 3,356 shares during the period. QRG Capital Management Inc.'s holdings in Cadence Design Systems were worth $20,204,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of CDNS. OFI Invest Asset Management purchased a new position in Cadence Design Systems during the 3rd quarter worth $26,000. Valley National Advisers Inc. raised its holdings in Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker's stock worth $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in Cadence Design Systems in the fourth quarter valued at about $28,000. Rakuten Securities Inc. purchased a new stake in Cadence Design Systems in the 4th quarter valued at approximately $45,000. Finally, Catalyst Capital Advisors LLC increased its position in Cadence Design Systems by 34.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker's stock worth $47,000 after purchasing an additional 52 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on CDNS. Wells Fargo & Company lifted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 16th. Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, February 13th. Needham & Company LLC reissued a "buy" rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. Piper Sandler cut their price objective on Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating on the stock in a report on Tuesday, April 23rd. Finally, Morgan Stanley raised Cadence Design Systems from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $326.11.

Insider Buying and Selling

In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the company's stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the transaction, the senior vice president now owns 20,480 shares of the company's stock, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 173,066 shares of company stock worth $52,199,975. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Up 0.8 %

NASDAQ:CDNS traded up $2.20 during trading hours on Friday, hitting $287.48. The stock had a trading volume of 840,607 shares, compared to its average volume of 1,821,368. The company has a market cap of $78.23 billion, a PE ratio of 74.86, a price-to-earnings-growth ratio of 3.36 and a beta of 1.06. The business has a 50 day simple moving average of $300.03 and a two-hundred day simple moving average of $283.54. Cadence Design Systems, Inc. has a 1-year low of $198.92 and a 1-year high of $327.36. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period last year, the business earned $1.02 EPS. The business's revenue was down 1.2% on a year-over-year basis. Analysts predict that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

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.

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