Bornite Capital Management LP Invests $6.23 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bornite Capital Management LP purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 20,000 shares of the software maker’s stock, valued at approximately $6,226,000.

Other hedge funds have also added to or reduced their stakes in the company. Ulland Investment Advisors LLC acquired a new stake in shares of Cadence Design Systems during the first quarter worth about $25,000. Valley National Advisers Inc. raised its position in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares during the period. RiverPark Advisors LLC acquired a new stake in shares of Cadence Design Systems during the first quarter worth about $26,000. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems during the first quarter worth about $32,000. Finally, Union Savings Bank acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth about $33,000. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total value of $430,710.00. Following the sale, the director now owns 49,551 shares in the company, valued at approximately $14,228,074.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the sale, the senior vice president now owns 19,280 shares in the company, valued at approximately $5,933,420. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total value of $430,710.00. Following the sale, the director now owns 49,551 shares in the company, valued at approximately $14,228,074.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,134 shares of company stock worth $14,987,093. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS traded up $0.26 during midday trading on Monday, hitting $259.05. The company had a trading volume of 1,506,022 shares, compared to its average volume of 1,623,006. The company has a market capitalization of $70.93 billion, a PE ratio of 67.46, a P/E/G ratio of 3.11 and a beta of 1.03. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $300.45 and a 200-day moving average price of $298.25. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CDNS. Bank of America lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Robert W. Baird dropped their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. KeyCorp raised their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Finally, Wells Fargo & Company raised their price target 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. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

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.