Dudley Capital Management LLC Buys 113 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dudley Capital Management LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,061 shares of the software maker’s stock after acquiring an additional 113 shares during the quarter. Dudley Capital Management LLC’s holdings in Cadence Design Systems were worth $319,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CDNS. Raymond James Financial Inc. purchased a new stake in Cadence Design Systems during the 4th quarter valued at $171,991,000. Principal Financial Group Inc. increased its position in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in Cadence Design Systems in the fourth quarter valued at about $148,594,000. Proficio Capital Partners LLC purchased a new position in Cadence Design Systems in the fourth quarter worth about $129,546,000. Finally, Jensen Investment Management Inc. bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $126,571,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $267.15 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a market capitalization of $73.23 billion, a PE ratio of 69.21, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a 50 day moving average price of $277.50 and a 200-day moving average price of $284.31. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent research reports. Loop Capital lowered their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Piper Sandler upped their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Bank of America reduced their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Finally, Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $324.83.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were 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 owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock valued at $31,229,155 over the last three months. 1.99% of the stock is owned by company insiders.

Cadence Design Systems 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.