Telligent Fund LP Acquires New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Telligent Fund LP purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,000 shares of the software maker’s stock, valued at approximately $3,005,000. Cadence Design Systems makes up 2.9% of Telligent Fund LP’s holdings, making the stock its 13th biggest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. 1900 Wealth Management LLC increased its position in Cadence Design Systems by 7.1% in the fourth quarter. 1900 Wealth Management LLC now owns 1,256 shares of the software maker’s stock worth $377,000 after buying an additional 83 shares in the last quarter. Bleakley Financial Group LLC grew its position in shares of Cadence Design Systems by 0.3% during the fourth quarter. Bleakley Financial Group LLC now owns 13,730 shares of the software maker’s stock worth $4,125,000 after purchasing an additional 47 shares in the last quarter. Brandywine Oak Private Wealth LLC grew its position in shares of Cadence Design Systems by 5.2% during the fourth quarter. Brandywine Oak Private Wealth LLC now owns 1,262 shares of the software maker’s stock worth $379,000 after purchasing an additional 62 shares in the last quarter. Schmidt P J Investment Management Inc. grew its position in shares of Cadence Design Systems by 4.2% during the fourth quarter. Schmidt P J Investment Management Inc. now owns 1,988 shares of the software maker’s stock worth $597,000 after purchasing an additional 81 shares in the last quarter. Finally, Choreo LLC grew its position in shares of Cadence Design Systems by 12.3% during the fourth quarter. Choreo LLC now owns 5,761 shares of the software maker’s stock worth $1,739,000 after purchasing an additional 632 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now owns 14,318 shares of the company’s stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,538,875 in the last quarter. 0.62% of the stock is owned by company insiders.

Cadence Design Systems Price Performance

CDNS opened at $302.91 on Friday. The business has a fifty day moving average of $304.77 and a 200 day moving average of $284.80. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market cap of $83.08 billion, a P/E ratio of 79.50, a PEG ratio of 3.42 and a beta of 1.03.

Analyst Ratings Changes

Several research firms recently issued reports on CDNS. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Mizuho increased their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price target for the company. Finally, Needham & Company LLC dropped their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $329.50.

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.