Dohj LLC Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dohj LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 1,319 shares of the software maker’s stock, valued at approximately $359,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB grew its holdings in shares of Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares during the last quarter. Wellington Management Group LLP boosted its stake in Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Jennison Associates LLC increased its holdings in Cadence Design Systems by 8.7% during the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after purchasing an additional 564,085 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Cadence Design Systems by 261.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after purchasing an additional 448,918 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of Cadence Design Systems by 26,060.9% in the fourth quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock valued at $757,430,000 after purchasing an additional 277,027 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold a total of 173,044 shares of company stock worth $52,231,207 in the last ninety days. 1.99% of the stock is owned by insiders.

Cadence Design Systems Price Performance

NASDAQ CDNS traded up $5.33 during trading hours on Friday, reaching $282.41. 2,141,655 shares of the stock traded hands, compared to its average volume of 1,576,006. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.13. The stock has a 50 day simple moving average of $303.85 and a two-hundred day simple moving average of $281.19. Cadence Design Systems, Inc. has a 1 year low of $198.92 and a 1 year high of $327.36. The company has a market cap of $76.85 billion, a price-to-earnings ratio of 73.54, a price-to-earnings-growth ratio of 3.26 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the business earned $1.02 earnings per share. The business’s quarterly revenue was down 1.2% on a year-over-year basis. On average, analysts predict that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Stifel Nicolaus lifted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Robert W. Baird upped their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. Finally, Wells Fargo & Company upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $326.11.

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.