Dohj LLC Invests $359,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dohj LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,319 shares of the software maker’s stock, valued at approximately $359,000.

A number of other hedge funds also recently added to or reduced their stakes in CDNS. DekaBank Deutsche Girozentrale increased its holdings in shares of Cadence Design Systems by 34.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after acquiring an additional 99,251 shares during the period. Miracle Mile Advisors LLC purchased a new position in Cadence Design Systems in the fourth quarter valued at about $934,000. Pacer Advisors Inc. grew its stake in Cadence Design Systems by 9.4% in the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock valued at $11,006,000 after purchasing an additional 3,484 shares during the last quarter. Patton Fund Management Inc. purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $55,443,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $5.33 on Friday, hitting $282.41. 2,141,655 shares of the company’s stock traded hands, compared to its average volume of 1,576,006. The firm’s 50-day moving average price is $303.85 and its two-hundred day moving average price is $281.19. The firm has a market capitalization of $76.85 billion, a PE ratio of 73.54, a P/E/G 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. 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 announced its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the business earned $1.02 earnings per share. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The disclosure for this sale can be found here. In the last 90 days, insiders sold 173,044 shares of company stock valued at $52,231,207. 1.99% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts recently commented on CDNS shares. Stifel Nicolaus boosted 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 note on Tuesday, February 13th. Piper Sandler decreased their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday. KeyCorp raised their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $326.11.

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.