ZEGA Investments LLC Buys Shares of 1,023 Cadence Design Systems, Inc. (NASDAQ:CDNS)

ZEGA Investments LLC bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,023 shares of the software maker's stock, valued at approximately $328,000.

Other institutional investors have also recently added to or reduced their stakes in the company. iA Global Asset Management Inc. grew its holdings in shares of Cadence Design Systems by 78.7% during the 4th quarter. iA Global Asset Management Inc. now owns 57,006 shares of the software maker's stock worth $17,128,000 after purchasing an additional 25,108 shares during the period. Teacher Retirement System of Texas raised its position in Cadence Design Systems by 40.4% in the fourth quarter. Teacher Retirement System of Texas now owns 31,147 shares of the software maker's stock valued at $9,358,000 after purchasing an additional 8,965 shares during the period. Royal London Asset Management Ltd. lifted its stake in Cadence Design Systems by 5.2% during the fourth quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker's stock worth $46,834,000 after purchasing an additional 7,766 shares in the last quarter. Harvest Fund Management Co. Ltd grew its stake in shares of Cadence Design Systems by 68.9% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 22,446 shares of the software maker's stock valued at $6,755,000 after buying an additional 9,154 shares in the last quarter. Finally, Platinum Investment Management Ltd. lifted its stake in Cadence Design Systems by 42.9% during the 4th quarter. Platinum Investment Management Ltd. now owns 5,448 shares of the software maker's stock worth $1,637,000 after acquiring an additional 1,635 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

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Cadence Design Systems Stock Down 2.1 %

NASDAQ:CDNS traded down $5.70 during midday trading on Wednesday, hitting $263.41. 1,394,782 shares of the company were exchanged, compared to its average volume of 1,807,191. The company has a fifty day simple moving average of $277.00 and a 200 day simple moving average of $284.46. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The company has a market capitalization of $72.20 billion, a PE ratio of 68.24, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

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

Insider Activity

In related news, CEO Anirudh Devgan sold 5,920 shares of the 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 completion of the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 101,021 shares of company stock valued at $31,229,155. Insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Needham & Company LLC reiterated a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. StockNews.com downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Oppenheimer decreased their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Finally, Mizuho boosted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $324.83.

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.