ARP Americas LP Increases Holdings in Cadence Design Systems Inc (NASDAQ:CDNS)

ARP Americas LP lifted its holdings in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 134.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 50,565 shares of the software maker’s stock after purchasing an additional 28,965 shares during the period. ARP Americas LP’s holdings in Cadence Design Systems were worth $3,211,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Harvest Group Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the first quarter worth approximately $37,000. JNBA Financial Advisors bought a new stake in Cadence Design Systems during the fourth quarter valued at approximately $39,000. Mondrian Capital Management LLC bought a new stake in Cadence Design Systems during the fourth quarter valued at approximately $43,000. Parallel Advisors LLC grew its position in Cadence Design Systems by 29.4% during the first quarter. Parallel Advisors LLC now owns 718 shares of the software maker’s stock valued at $46,000 after buying an additional 163 shares during the period. Finally, Lindbrook Capital LLC bought a new stake in Cadence Design Systems during the fourth quarter valued at approximately $52,000. 87.40% of the stock is currently owned by institutional investors.

Shares of CDNS stock traded down $0.38 during mid-day trading on Friday, hitting $67.72. The company had a trading volume of 2,061,938 shares, compared to its average volume of 2,451,559. Cadence Design Systems Inc has a 52-week low of $39.08 and a 52-week high of $70.49. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.39 and a current ratio of 1.45. The company has a market capitalization of $19.03 billion, a PE ratio of 55.06, a price-to-earnings-growth ratio of 4.23 and a beta of 1.15.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.08. The company had revenue of $577.00 million for the quarter, compared to the consensus estimate of $569.34 million. Cadence Design Systems had a net margin of 17.91% and a return on equity of 30.86%. Cadence Design Systems’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 earnings per share. On average, research analysts predict that Cadence Design Systems Inc will post 1.46 EPS for the current fiscal year.

CDNS has been the subject of several recent research reports. Wells Fargo & Co initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, May 14th. They set a “market perform” rating for the company. BidaskClub raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 30th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $63.00 price target on the stock in a report on Friday, February 22nd. DA Davidson lifted their price target on shares of Cadence Design Systems to $62.00 and gave the company a “buy” rating in a report on Wednesday, February 20th. Finally, ValuEngine raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 23rd. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $59.44.

In other Cadence Design Systems news, insider Surendra Babu Mandava sold 4,235 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $64.87, for a total transaction of $274,724.45. Following the transaction, the insider now owns 305,888 shares in the company, valued at $19,842,954.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Aneel Zaman sold 5,136 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $63.35, for a total transaction of $325,365.60. Following the transaction, the insider now owns 247,262 shares in the company, valued at approximately $15,664,047.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 211,645 shares of company stock worth $13,625,475. 2.34% of the stock is owned by insiders.

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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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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