Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Lowered by Syon Capital LLC

Syon Capital LLC decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.7% during the 4th quarter, HoldingsChannel reports. The firm owned 5,011 shares of the software maker’s stock after selling 301 shares during the period. Syon Capital LLC’s holdings in Cadence Design Systems were worth $1,506,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CDNS. Vanguard Group Inc. lifted its stake 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 valued at $7,784,674,000 after buying an additional 201,340 shares during the last quarter. Jennison Associates LLC increased its holdings 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 worth $2,406,760,000 after acquiring an additional 404,076 shares during the period. FMR LLC lifted its position in Cadence Design Systems by 8.7% in the 4th 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 during the last quarter. Geode Capital Management LLC boosted its stake in Cadence Design Systems by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock valued at $1,806,019,000 after purchasing an additional 135,251 shares during the period. Finally, Alliancebernstein L.P. grew its position in Cadence Design Systems by 12.5% in the 4th 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 during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of several analyst reports. Loop Capital reduced their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Mizuho reduced their price objective on shares of Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Finally, Robert W. Baird lowered their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $320.67.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $258.15 on Wednesday. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The stock has a market capitalization of $70.81 billion, a P/E ratio of 66.88, a P/E/G ratio of 3.88 and a beta of 1.14. The firm’s 50 day moving average is $255.62 and its 200-day moving average is $281.96. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

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

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 1,950 shares of company stock valued at $518,499 over the last three months. 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.