Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Boosted by Orion Investment Co

Orion Investment Co grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 33.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,500 shares of the software maker's stock after acquiring an additional 2,396 shares during the quarter. Cadence Design Systems comprises approximately 1.1% of Orion Investment Co's portfolio, making the stock its 22nd biggest position. Orion Investment Co's holdings in Cadence Design Systems were worth $2,854,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CDNS. Principal Financial Group Inc. grew its stake in shares of Cadence Design Systems by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock valued at $672,300,000 after purchasing an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. grew its position in Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock valued at $1,589,000 after buying an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. raised its position in Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock worth $235,625,000 after buying an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock worth $41,850,000 after acquiring an additional 79,268 shares during the period. Finally, Avanza Fonder AB acquired a new position in shares of Cadence Design Systems during the fourth quarter worth about $6,046,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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Cadence Design Systems Price Performance

Cadence Design Systems stock traded up $6.60 during midday trading on Wednesday, reaching $238.24. 803,320 shares of the company were exchanged, compared to its average volume of 2,164,051. The company has a market capitalization of $65.35 billion, a price-to-earnings ratio of 61.88, a P/E/G ratio of 3.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm's 50-day simple moving average is $264.44 and its 200-day simple moving average is $282.86. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on CDNS. Oppenheimer lowered their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 target price on the stock. Loop Capital reduced their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Needham & Company LLC restated a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Finally, Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. One investment 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. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $324.83.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last three months, insiders sold 1,950 shares of company stock valued at $518,499. 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.