Duality Advisers LP Makes New $1.96 Million Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Duality Advisers LP purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 7,209 shares of the software maker’s stock, valued at approximately $1,964,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CDNS. Highview Capital Management LLC DE lifted its stake in Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after acquiring an additional 39 shares in the last quarter. BSW Wealth Partners raised its stake in shares of Cadence Design Systems by 2.8% during the 4th quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock worth $442,000 after purchasing an additional 44 shares during the period. Lindbrook Capital LLC raised its stake in Cadence Design Systems by 2.5% in the 3rd quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock valued at $432,000 after acquiring an additional 45 shares during the period. Savant Capital LLC raised its stake in Cadence Design Systems by 2.7% in the 3rd quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock valued at $406,000 after acquiring an additional 45 shares during the period. Finally, First Trust Direct Indexing L.P. raised its stake in Cadence Design Systems by 1.0% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 4,658 shares of the software maker’s stock valued at $1,091,000 after acquiring an additional 47 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 value of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders sold a total of 177,544 shares of company stock worth $53,581,207 over the last quarter. 0.62% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $285.02 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The company has a market capitalization of $77.59 billion, a P/E ratio of 74.61, a PEG ratio of 3.41 and a beta of 1.04. The stock has a 50 day moving average price of $305.09 and a two-hundred day moving average price of $280.73. Cadence Design Systems, Inc. has a fifty-two week low of $194.01 and a fifty-two week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 earnings per share. Analysts expect that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday. Piper Sandler initiated coverage on Cadence Design Systems in a report on Thursday, April 4th. They set a “neutral” rating and a $334.00 target price for the company. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, April 16th. Finally, Robert W. Baird upped their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $318.10.

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.