Platinum Investment Management Ltd. Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Platinum Investment Management Ltd. boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 42.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,448 shares of the software maker’s stock after buying an additional 1,635 shares during the quarter. Platinum Investment Management Ltd.’s holdings in Cadence Design Systems were worth $1,637,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Swedbank AB increased its position in shares of Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares during the last quarter. OneDigital Investment Advisors LLC increased its position in shares of Cadence Design Systems by 63.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,477 shares of the software maker’s stock valued at $942,000 after purchasing an additional 1,350 shares during the last quarter. Empowered Funds LLC increased its position in shares of Cadence Design Systems by 13.3% during the 3rd quarter. Empowered Funds LLC now owns 12,974 shares of the software maker’s stock valued at $3,516,000 after purchasing an additional 1,526 shares during the last quarter. Finally, Quest Partners LLC increased its position in shares of Cadence Design Systems by 47.7% during the 3rd quarter. Quest Partners LLC now owns 3,242 shares of the software maker’s stock valued at $879,000 after purchasing an additional 1,047 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 0.5 %

NASDAQ CDNS opened at $253.88 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a market capitalization of $69.59 billion, a P/E ratio of 65.77, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The stock has a 50 day moving average price of $280.50 and a 200-day moving average price of $284.19.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on CDNS shares. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Mizuho boosted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Loop Capital cut their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Finally, Bank of America cut their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $326.92.

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.