Malaga Cove Capital LLC Buys 1,154 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Malaga Cove Capital LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 112.0% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,184 shares of the software maker’s stock after purchasing an additional 1,154 shares during the period. Malaga Cove Capital LLC’s holdings in Cadence Design Systems were worth $555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock valued at $309,835,000 after purchasing an additional 1,214,330 shares during the last quarter. Jennison Associates LLC raised its position in shares of Cadence Design Systems by 13.2% in the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock valued at $2,305,489,000 after purchasing an additional 1,054,702 shares during the period. FMR LLC lifted its stake in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after buying an additional 639,146 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Cadence Design Systems by 25.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker’s stock worth $882,655,000 after buying an additional 601,834 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cadence Design Systems by 10.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker’s stock valued at $1,326,912,000 after buying an additional 427,418 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $356.97 on Friday. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.90. The firm has a market capitalization of $97.27 billion, a price-to-earnings ratio of 96.48, a PEG ratio of 4.78 and a beta of 0.97. The company’s fifty day moving average price is $313.43 and its 200-day moving average price is $290.80.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the business posted $1.28 earnings per share. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the transaction, the director directly owned 23,996 shares in the company, valued at $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the transaction, the vice president directly owned 105,499 shares in the company, valued at $32,319,618.65. This trade represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,698 shares of company stock worth $1,126,667 in the last quarter. 1.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CDNS. Needham & Company LLC lifted their price target on Cadence Design Systems from $325.00 to $390.00 and gave the company a “buy” rating in a research report on Tuesday. Wells Fargo & Company raised their target price on Cadence Design Systems from $365.00 to $405.00 and gave the stock an “overweight” rating in a research note on Tuesday. Robert W. Baird upped their price target on Cadence Design Systems from $340.00 to $380.00 and gave the company an “outperform” rating in a research report on Monday, July 28th. Bank of America increased their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $300.00 price objective on shares of Cadence Design Systems in a research report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $364.33.

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.