Dark Forest Capital Management LP Sells 1,637 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dark Forest Capital Management LP trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 65.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 877 shares of the software maker’s stock after selling 1,637 shares during the quarter. Dark Forest Capital Management LP’s holdings in Cadence Design Systems were worth $264,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. Avior Wealth Management LLC grew its stake in shares of Cadence Design Systems by 12.4% during the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after acquiring an additional 36 shares in the last quarter. Accredited Investors Inc. grew its stake in shares of Cadence Design Systems by 1.7% during the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker’s stock worth $654,000 after acquiring an additional 36 shares in the last quarter. Lindbrook Capital LLC grew its stake in shares of Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after acquiring an additional 38 shares in the last quarter. Oarsman Capital Inc. grew its stake in shares of Cadence Design Systems by 3.8% during the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker’s stock worth $313,000 after acquiring an additional 38 shares in the last quarter. Finally, Empower Advisory Group LLC grew its stake in shares of Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after acquiring an additional 41 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Robert W. Baird dropped 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 report on Thursday, February 20th. Bank of America dropped their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their target price for the company from $300.00 to $325.00 in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $321.00.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $285.74 on Tuesday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $78.38 billion, a price-to-earnings ratio of 74.03, a P/E/G ratio of 3.88 and a beta of 1.14. The firm’s 50 day simple moving average is $254.77 and its 200 day simple moving average is $282.17. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.08. The business had revenue of $1.24 billion for 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%. During the same quarter last year, the business posted $1.17 EPS. As a group, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the transaction, the director now directly owns 7,411 shares of the company’s stock, valued at approximately $2,038,025. The trade was a 2.37 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,130 shares of company stock worth $567,999. Corporate 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.