Paloma Partners Management Co Invests $1.50 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Paloma Partners Management Co acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 5,000 shares of the software maker's stock, valued at approximately $1,502,000.

Several other institutional investors have also added to or reduced their stakes in CDNS. Vanguard Group Inc. lifted its holdings in Cadence Design Systems by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock worth $7,784,674,000 after buying an additional 201,340 shares during the period. Jennison Associates LLC lifted its stake in shares of Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock valued at $2,406,760,000 after purchasing an additional 404,076 shares during the period. FMR LLC boosted its position in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Geode Capital Management LLC grew its stake in Cadence Design Systems by 2.3% in 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 purchasing an additional 135,251 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after purchasing an additional 632,175 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded up $1.99 during midday trading on Thursday, reaching $299.73. 2,302,655 shares of the company's stock traded hands, compared to its average volume of 1,952,252. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The stock has a 50 day moving average of $257.13 and a 200 day moving average of $282.53. The company has a market cap of $82.22 billion, a price-to-earnings ratio of 77.65, a P/E/G ratio of 3.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm posted $1.17 EPS. The business's quarterly revenue was up 23.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday. Oppenheimer cut their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Piper Sandler lifted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Finally, StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $322.54.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares of the company's stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the sale, the vice president now directly owns 28,442 shares of the company's stock, valued at $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 quarter, insiders sold 6,840 shares of company stock valued at $1,980,999. Company insiders own 1.99% of the company's stock.

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.