Rakuten Securities Inc. Buys Shares of 165 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Rakuten Securities Inc. bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 165 shares of the software maker’s stock, valued at approximately $45,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems during the 3rd quarter worth approximately $26,000. Valley National Advisers Inc. boosted its holdings in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares in the last quarter. Fortitude Family Office LLC bought a new position in shares of Cadence Design Systems in the 4th quarter worth $28,000. Atlas Capital Advisors LLC lifted its stake in Cadence Design Systems by 322.6% during the 2nd quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock valued at $31,000 after acquiring an additional 100 shares in the last quarter. Finally, Zions Bancorporation N.A. lifted its stake in Cadence Design Systems by 108.3% during the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after acquiring an additional 117 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 2.7 %

CDNS opened at $285.90 on Friday. The company has a 50 day moving average of $306.16 and a 200 day moving average of $279.39. The company has a market cap of $77.83 billion, a PE ratio of 74.84, a price-to-earnings-growth ratio of 3.57 and a beta of 1.04. Cadence Design Systems, Inc. has a 12 month low of $194.01 and a 12 month high of $327.36. 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 (NASDAQ:CDNS) last released its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping the consensus estimate of $1.33 by $0.05. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the firm earned $0.75 EPS. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.82 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Stifel Nicolaus raised their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Piper Sandler assumed coverage on Cadence Design Systems in a research note on Thursday, April 4th. They set a “neutral” rating and a $334.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Finally, Robert W. Baird raised their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $318.10.

Insider Buying and Selling

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO John M. Wall sold 2,700 shares of the firm’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $299.00, for a total transaction of $807,300.00. Following the completion of the transaction, the chief financial officer now directly owns 76,552 shares of the company’s stock, valued at $22,889,048. The disclosure for this sale can be found here. In the last ninety days, insiders sold 177,544 shares of company stock valued at $53,581,207. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Company 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.