Symmetry Investments LP Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS) (2024)

Symmetry Investments LP increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 101.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,082 shares of the software maker's stock after purchasing an additional 4,582 shares during the period. Symmetry Investments LP's holdings in Cadence Design Systems were worth $2,474,000 at the end of the most recent reporting period.

• Synopsys stock: Unsung hero of the AI revolution

Other institutional investors have also added to or reduced their stakes in the company. Parkside Financial Bank & Trust grew its position in shares of Cadence Design Systems by 8.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker's stock worth $140,000 after buying an additional 38 shares during the period. Highview Capital Management LLC DE lifted its holdings in shares of Cadence Design Systems by 0.8% during the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker's stock valued at $1,411,000 after purchasing an additional 39 shares during the last quarter. Fiduciary Trust Co increased its position in Cadence Design Systems by 0.6% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker's stock valued at $1,833,000 after buying an additional 39 shares in the last quarter. BSW Wealth Partners boosted its stake in Cadence Design Systems by 2.8% in the 4th quarter. BSW Wealth Partners now owns 1,624 shares of the software maker's stock worth $442,000 after purchasing an additional 44 shares in the last quarter. Finally, Optas LLC grew its position in Cadence Design Systems by 3.1% during the 4th quarter. Optas LLC now owns 1,565 shares of the software maker's stock valued at $426,000 after purchasing an additional 47 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, April 16th. Needham & Company LLC reissued a "buy" rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. KeyCorp upped their price target on Cadence Design Systems from $335.00 to $340.00 and gave the company an "overweight" rating in a report on Monday, April 15th. Morgan Stanley upgraded Cadence Design Systems from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $331.11.

• Synopsys offers to acquire Ansys, sparks stock surge

Read Our Latest Research Report on Cadence Design Systems

Insider Buying and Selling at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $309.16, for a total value of $463,740.00. Following the transaction, the director now directly owns 51,683 shares of the company's stock, valued at approximately $15,978,316.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $309.16, for a total value of $463,740.00. Following the sale, the director now directly owns 51,683 shares in the company, valued at approximately $15,978,316.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO John M. Wall sold 21,700 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the transaction, the chief financial officer now directly owns 41,035 shares of the company's stock, valued at approximately $12,778,299. The disclosure for this sale can be found here. Insiders have sold a total of 134,309 shares of company stock valued at $40,616,188 over the last ninety days. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

• Can These 3 Semiconductor Stocks Outpace Nvidia's Growth?

CDNS traded up $1.76 during midday trading on Monday, reaching $296.18. The company had a trading volume of 934,187 shares, compared to its average volume of 1,534,451. The business has a 50-day moving average of $291.75 and a two-hundred day moving average of $289.30. The company has a market cap of $80.69 billion, a P/E ratio of 77.13, a P/E/G ratio of 3.60 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company's revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 earnings per share. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Cadence Design Systems Company Profile

(Free Report)

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.

Further Reading

• Five stocks we like better than Cadence Design Systems
• There Are Different Types of Stock To Invest In
• Our Comprehensive Risk Tolerance Assessment
• Stock Dividend Cuts Happen Are You Ready?
• Autodesk Raises Guidance After Clearing Audit Investigation
• 3 Must-Buy Warren Buffett Stocks for Volatile Times
• Lyft Stock Gap and Craps on Bold 2027 Guidance at Investor Day

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Should you invest $1,000 in Cadence Design Systems right now?

Before you consider Cadence Design Systems, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cadence Design Systems wasn't on the list.

While Cadence Design Systems currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here