Quantbot Technologies LP Makes New $4.91 Million Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Quantbot Technologies LP bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 18,103 shares of the software maker’s stock, valued at approximately $4,906,000.

A number of other institutional investors have also recently added to or reduced their stakes in CDNS. Silvercrest Asset Management Group LLC boosted its stake in Cadence Design Systems by 25.8% during the first quarter. Silvercrest Asset Management Group LLC now owns 14,817 shares of the software maker’s stock valued at $4,612,000 after buying an additional 3,038 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of Cadence Design Systems by 26.9% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 5,479 shares of the software maker’s stock valued at $1,706,000 after purchasing an additional 1,160 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Cadence Design Systems by 31.4% in the 1st quarter. Tidal Investments LLC now owns 21,505 shares of the software maker’s stock worth $6,694,000 after purchasing an additional 5,145 shares during the last quarter. Wahed Invest LLC raised its holdings in shares of Cadence Design Systems by 15.8% in the 1st quarter. Wahed Invest LLC now owns 5,284 shares of the software maker’s stock worth $1,645,000 after purchasing an additional 720 shares in the last quarter. Finally, Cim LLC increased its stake in Cadence Design Systems by 1.6% in the 1st quarter. Cim LLC now owns 4,115 shares of the software maker’s stock worth $1,281,000 after purchasing an additional 64 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Loop Capital initiated coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Needham & Company LLC reduced their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Wells Fargo & Company started coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Finally, Mizuho initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Stock Down 0.7 %

CDNS opened at $310.10 on Wednesday. The company has a market capitalization of $85.05 billion, a P/E ratio of 81.39, a P/E/G ratio of 4.24 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The firm’s fifty day moving average price is $280.07 and its two-hundred day moving average price is $283.98.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the company earned $1.01 EPS. Cadence Design Systems’s revenue was up 18.8% on a year-over-year basis. On average, analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the sale, the senior vice president now directly owns 16,029 shares in the company, valued at approximately $4,423,683.42. This trade represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares of the company’s stock, valued at $16,866,636. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,634 shares of company stock valued at $1,558,535. 0.62% of the stock is owned by 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.