Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Raised by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,749 shares of the software maker’s stock after purchasing an additional 12,074 shares during the period. ExodusPoint Capital Management LP’s holdings in Cadence Design Systems were worth $17,999,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDNS. Cibc World Market Inc. raised its holdings in Cadence Design Systems by 2.7% during the first quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after purchasing an additional 571 shares in the last quarter. Prudential PLC bought a new position in shares of Cadence Design Systems in the first quarter valued at $1,160,000. Loomis Sayles & Co. L P increased its holdings in shares of Cadence Design Systems by 1,030.1% in the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock valued at $457,000 after buying an additional 2,534 shares in the last quarter. Zions Bancorporation N.A. increased its holdings in shares of Cadence Design Systems by 108.3% in the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after buying an additional 117 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of Cadence Design Systems by 26.8% in the first quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after buying an additional 3,433 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $268.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 24th. Robert W. Baird upped their price target on Cadence Design Systems from $253.00 to $257.00 in a report on Tuesday, July 25th. KeyCorp lifted their price objective on shares of Cadence Design Systems from $270.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, September 14th. Morgan Stanley assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 10th. They set an “equal weight” rating and a $260.00 price objective on the stock. Finally, StockNews.com assumed coverage on shares of Cadence Design Systems in a research report on Thursday, October 5th. They set a “buy” rating on the stock. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $264.50.

Cadence Design Systems Trading Up 0.7 %

Cadence Design Systems stock opened at $270.25 on Tuesday. The company’s fifty day simple moving average is $244.24 and its 200-day simple moving average is $234.26. The company has a quick ratio of 1.31, a current ratio of 1.44 and a debt-to-equity ratio of 0.21. Cadence Design Systems, Inc. has a 12 month low of $154.88 and a 12 month high of $274.32. The stock has a market cap of $73.52 billion, a P/E ratio of 76.99, a P/E/G ratio of 3.31 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 23rd. The software maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.20 by $0.06. Cadence Design Systems had a net margin of 24.42% and a return on equity of 34.64%. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the company posted $0.79 EPS. Cadence Design Systems’s revenue was up 13.3% on a year-over-year basis. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Mark Adams sold 400 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $240.80, for a total value of $96,320.00. Following the completion of the sale, the director now directly owns 11,007 shares in the company, valued at $2,650,485.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Mark Adams sold 400 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $240.80, for a total value of $96,320.00. Following the completion of the sale, the director now directly owns 11,007 shares in the company, valued at $2,650,485.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John M. Wall sold 1,250 shares of the company’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $255.00, for a total transaction of $318,750.00. Following the completion of the sale, the chief financial officer now owns 85,375 shares of the company’s stock, valued at $21,770,625. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,279 shares of company stock worth $5,049,575. Corporate insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.