Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 25.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,911 shares of the software maker’s stock after purchasing an additional 792 shares during the quarter. GAMMA Investing LLC’s holdings in Cadence Design Systems were worth $1,175,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in CDNS. Van ECK Associates Corp raised its position in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Meridiem Investment Management Ltd. acquired a new position in shares of Cadence Design Systems during the 3rd quarter worth approximately $129,285,000. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Cadence Design Systems by 48.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after purchasing an additional 310,250 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Cadence Design Systems by 153.4% in the second quarter. Marshall Wace LLP now owns 471,010 shares of the software maker’s stock valued at $144,953,000 after purchasing an additional 285,130 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 2.1 %

Cadence Design Systems stock opened at $303.86 on Friday. The firm has a market capitalization of $83.34 billion, a P/E ratio of 79.75, a P/E/G ratio of 4.19 and a beta of 1.04. The stock’s fifty day simple moving average is $301.62 and its 200-day simple moving average is $286.34. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the company earned $1.01 EPS. Cadence Design Systems’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the sale, the director now directly owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This trade represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,220 shares of company stock worth $3,085,474 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on CDNS. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Mizuho upped their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Needham & Company LLC cut their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Oppenheimer initiated coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Finally, Robert W. Baird raised their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $327.92.

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.