Rakuten Securities Inc. Takes $45,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Rakuten Securities Inc. acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 165 shares of the software maker’s stock, valued at approximately $45,000.

Other hedge funds have also recently made changes to their positions in the company. Valley National Advisers Inc. raised its holdings 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 valued at $26,000 after purchasing an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in Cadence Design Systems during the fourth quarter valued at approximately $28,000. OFI Invest Asset Management purchased a new stake in Cadence Design Systems during the third quarter valued at approximately $26,000. Atlas Capital Advisors LLC increased its holdings in Cadence Design Systems by 322.6% during the second quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock valued at $31,000 after buying an additional 100 shares during the last quarter. Finally, State of Wyoming purchased a new stake in Cadence Design Systems during the second quarter valued at approximately $39,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CDNS shares. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Stifel Nicolaus upped their price target 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. KeyCorp upped their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday. Robert W. Baird upped their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $318.10.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total value of $1,350,000.00. Following the sale, the director now owns 54,683 shares of the company’s stock, valued at $16,404,900. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the completion of the transaction, the director now directly owns 54,683 shares in the company, valued at approximately $16,404,900. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

CDNS stock opened at $285.90 on Friday. Cadence Design Systems, Inc. has a 52 week low of $194.01 and a 52 week high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The company has a fifty day simple moving average of $306.16 and a two-hundred day simple moving average of $279.39. The firm has a market capitalization of $77.83 billion, a P/E ratio of 74.84, a price-to-earnings-growth ratio of 3.57 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the firm posted $0.75 earnings per share. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. Analysts anticipate that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current fiscal year.

Cadence Design Systems Company 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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.