QRG Capital Management Inc. Grows Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

QRG Capital Management Inc. lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,529 shares of the software maker’s stock after purchasing an additional 3,402 shares during the quarter. QRG Capital Management Inc.’s holdings in Cadence Design Systems were worth $27,501,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Versor Investments LP purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $391,000. Proficio Capital Partners LLC purchased a new position in Cadence Design Systems in the fourth quarter worth $129,546,000. Oppenheimer & Co. Inc. purchased a new position in Cadence Design Systems in the fourth quarter worth $822,000. Oppenheimer Asset Management Inc. raised its position in Cadence Design Systems by 2.1% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 27,195 shares of the software maker’s stock worth $8,171,000 after acquiring an additional 554 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its position in Cadence Design Systems by 3.3% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 108,037 shares of the software maker’s stock worth $32,461,000 after acquiring an additional 3,500 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 2.2 %

CDNS opened at $254.38 on Thursday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market cap of $69.73 billion, a P/E ratio of 65.90, a PEG ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The business’s fifty day simple moving average is $297.15 and its 200 day simple moving average is $286.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,538,875 over the last quarter. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the subject of several research analyst reports. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Bank of America cut their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, Loop Capital cut their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $326.92.

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.