Yousif Capital Management LLC Acquires 2,372 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Yousif Capital Management LLC boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,022 shares of the software maker’s stock after purchasing an additional 2,372 shares during the period. Yousif Capital Management LLC’s holdings in Cadence Design Systems were worth $10,628,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale raised its stake in shares of Cadence Design Systems by 34.5% during the third 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 last quarter. Miracle Mile Advisors LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at about $934,000. Pacer Advisors Inc. raised its stake in shares of Cadence Design Systems by 9.4% during the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock valued at $11,006,000 after acquiring an additional 3,484 shares during the last quarter. Patton Fund Management Inc. bought a new position 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 position in shares of Cadence Design Systems during the fourth quarter valued at about $55,443,000. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction that occurred 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 $46,375,208.88. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 173,044 shares of company stock worth $52,231,207. 0.62% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Down 1.5 %

CDNS traded down $4.10 during midday trading on Wednesday, reaching $277.66. The company’s stock had a trading volume of 2,279,718 shares, compared to its average volume of 1,556,175. The firm has a market capitalization of $75.59 billion, a price-to-earnings ratio of 72.41, a PEG ratio of 3.47 and a beta of 1.04. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36. The stock’s 50-day moving average is $304.84 and its 200-day moving average is $280.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates 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 33.53%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 earnings per share. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.81 EPS for the current year.

Analysts Set New Price Targets

CDNS has been the subject of several recent analyst reports. Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday. KeyCorp increased their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Robert W. Baird increased their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, April 19th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $316.50.

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.