Aigen Investment Management LP Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Aigen Investment Management LP bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,513 shares of the software maker’s stock, valued at approximately $410,000.

Other hedge funds have also made changes to their positions in the company. Avantax Advisory Services Inc. lifted its position in Cadence Design Systems by 36.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 2,791 shares of the software maker’s stock worth $869,000 after acquiring an additional 743 shares during the period. Dorsey & Whitney Trust CO LLC lifted its holdings in shares of Cadence Design Systems by 22.7% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 1,233 shares of the software maker’s stock worth $384,000 after purchasing an additional 228 shares during the period. Cumberland Partners Ltd purchased a new position in Cadence Design Systems in the 1st quarter valued at $300,000. Nicolet Advisory Services LLC increased its stake in Cadence Design Systems by 21.0% in the 1st quarter. Nicolet Advisory Services LLC now owns 1,134 shares of the software maker’s stock valued at $353,000 after buying an additional 197 shares during the period. Finally, Vanguard Group Inc. raised its position in Cadence Design Systems by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after buying an additional 437,101 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 1.1 %

Shares of NASDAQ:CDNS opened at $303.04 on Friday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a market cap of $83.11 billion, a price-to-earnings ratio of 79.54, a PEG ratio of 3.64 and a beta of 1.02. The stock’s 50-day moving average price is $272.61 and its two-hundred day moving average price is $282.58. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the company earned $1.01 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. On average, research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Mizuho started coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target for the company. Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 20.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock worth $4,217,635 in the last ninety days. Insiders own 1.99% of the company’s stock.

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.