Syon Capital LLC Acquires 62,648 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Syon Capital LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1,320.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 67,391 shares of the software maker’s stock after buying an additional 62,648 shares during the period. Cadence Design Systems makes up 1.3% of Syon Capital LLC’s holdings, making the stock its 17th biggest holding. Syon Capital LLC’s holdings in Cadence Design Systems were worth $18,355,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of CDNS. OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems in the 3rd quarter worth about $26,000. Valley National Advisers Inc. raised its holdings in shares of Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter worth about $28,000. Rakuten Securities Inc. acquired a new stake in shares of Cadence Design Systems in the 4th quarter worth about $45,000. Finally, Catalyst Capital Advisors LLC raised its holdings in shares of Cadence Design Systems by 34.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after acquiring an additional 52 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. KeyCorp upped their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday. Finally, StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $316.50.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded up $5.33 during trading on Friday, reaching $282.41. 2,131,737 shares of the company’s stock traded hands, compared to its average volume of 1,571,078. The company has a market capitalization of $76.88 billion, a P/E ratio of 72.16, a PEG ratio of 3.26 and a beta of 1.04. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.08. The firm’s 50-day moving average is $304.01 and its 200 day moving average is $280.94. Cadence Design Systems, Inc. has a 1 year low of $198.92 and a 1 year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.02 EPS. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.79 EPS for the current year.

Insider Activity

In other news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 173,044 shares of company stock worth $52,231,207. 1.99% of the stock is currently owned by corporate insiders.

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.