Horizon Investments LLC Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Horizon Investments LLC boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 72.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 11,876 shares of the software maker’s stock after acquiring an additional 4,993 shares during the period. Horizon Investments LLC’s holdings in Cadence Design Systems were worth $3,568,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. PDS Planning Inc lifted its holdings in Cadence Design Systems by 5.6% during the fourth quarter. PDS Planning Inc now owns 1,629 shares of the software maker’s stock worth $489,000 after buying an additional 86 shares during the period. Leelyn Smith LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at $808,000. Parallel Advisors LLC lifted its holdings in shares of Cadence Design Systems by 1.4% during the 4th quarter. Parallel Advisors LLC now owns 7,774 shares of the software maker’s stock valued at $2,336,000 after purchasing an additional 108 shares during the last quarter. Cibc World Markets Corp lifted its holdings in shares of Cadence Design Systems by 14.6% during the 4th quarter. Cibc World Markets Corp now owns 49,315 shares of the software maker’s stock valued at $14,817,000 after purchasing an additional 6,282 shares during the last quarter. Finally, Jensen Investment Management Inc. purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at $126,571,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several analyst reports. Robert W. Baird decreased their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Needham & Company LLC restated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Bank of America reduced their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, Piper Sandler lifted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $253.88 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The business’s 50 day moving average price is $280.50 and its 200-day moving average price is $284.19. The firm has a market capitalization of $69.59 billion, a PE ratio of 65.77, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock valued at $31,229,155 over the last ninety days. Insiders own 1.99% of the company’s stock.

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.