Sculptor Capital LP Purchases 65,300 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sculptor Capital LP lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 88.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 138,800 shares of the software maker's stock after purchasing an additional 65,300 shares during the quarter. Sculptor Capital LP owned 0.05% of Cadence Design Systems worth $41,704,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $28,000. Ancora Advisors LLC boosted its stake in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at $39,000. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at $46,000. Finally, Synergy Investment Management LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at $50,000. 84.85% of the stock is owned by institutional investors.

Insider Activity at Cadence Design Systems

In other news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the sale, the director now owns 23,996 shares in the company, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 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 $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,445 shares of company stock worth $5,594,127. 1.99% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Loop Capital dropped their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Oppenheimer lowered their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" 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 given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus target price of $325.23.

Cadence Design Systems Stock Up 0.1%

NASDAQ CDNS traded up $0.25 on Tuesday, reaching $320.55. The company had a trading volume of 1,364,055 shares, compared to its average volume of 1,976,906. The stock has a market capitalization of $87.52 billion, a P/E ratio of 83.04, a P/E/G ratio of 3.88 and a beta of 1.04. The company's fifty day moving average is $273.78 and its 200 day moving average is $286.86. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted 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 during the quarter, compared to analyst estimates 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 for the quarter was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.17 earnings per share. Sell-side analysts anticipate 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.