Synergy Investment Management LLC Acquires Shares of 167 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Synergy Investment Management LLC acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 167 shares of the software maker’s stock, valued at approximately $50,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CDNS. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth about $148,594,000. Proficio Capital Partners LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth about $129,546,000. Jennison Associates LLC lifted its holdings in shares of Cadence Design Systems by 5.3% in the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after buying an additional 404,076 shares in the last quarter. Finally, AustralianSuper Pty Ltd lifted its holdings in shares of Cadence Design Systems by 2,353.1% in the fourth quarter. AustralianSuper Pty Ltd now owns 406,682 shares of the software maker’s stock worth $122,192,000 after buying an additional 390,104 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 0.2 %

CDNS stock opened at $241.29 on Wednesday. Cadence Design Systems, Inc. has a twelve month low of $233.72 and a twelve month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a market cap of $66.14 billion, a P/E ratio of 62.51, a PEG ratio of 3.88 and a beta of 1.03. The business’s 50-day moving average price is $292.50 and its 200-day moving average price is $286.27.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.35 billion. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on 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 directly owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,766 shares of company stock valued at $33,339,852. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Robert W. Baird decreased their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Piper Sandler upped their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Finally, Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

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.