Bridgeway Capital Management LLC Trims Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bridgeway Capital Management LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,600 shares of the software maker’s stock after selling 140 shares during the quarter. Bridgeway Capital Management LLC’s holdings in Cadence Design Systems were worth $2,283,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. LVM Capital Management Ltd. MI purchased a new position in Cadence Design Systems during the fourth quarter worth about $281,000. HBW Advisory Services LLC boosted its position in shares of Cadence Design Systems by 22.5% in the fourth quarter. HBW Advisory Services LLC now owns 2,203 shares of the software maker’s stock worth $662,000 after acquiring an additional 404 shares during the last quarter. Graypoint LLC grew its holdings in Cadence Design Systems by 7.9% in the fourth quarter. Graypoint LLC now owns 2,090 shares of the software maker’s stock valued at $628,000 after purchasing an additional 153 shares during the period. Czech National Bank increased its position in Cadence Design Systems by 6.6% during the fourth quarter. Czech National Bank now owns 59,466 shares of the software maker’s stock worth $17,867,000 after purchasing an additional 3,686 shares during the last quarter. Finally, Paragon Advisors LLC raised its stake in Cadence Design Systems by 5.3% during the fourth quarter. Paragon Advisors LLC now owns 6,810 shares of the software maker’s stock worth $2,046,000 after purchasing an additional 345 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on CDNS. Piper Sandler upped their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, April 29th. Oppenheimer dropped their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Loop Capital cut their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $322.54.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the 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 sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the sale, the director now directly owns 7,411 shares of the company’s stock, valued at approximately $2,038,025. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,577 shares of company stock worth $5,316,411 over the last quarter. 0.37% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $305.78 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The business has a 50 day moving average price of $264.34 and a two-hundred day moving average price of $284.51. The firm has a market cap of $83.49 billion, a PE ratio of 79.22, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.17 earnings per share. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.