Malaga Cove Capital LLC Takes $293,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Malaga Cove Capital LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,081 shares of the software maker’s stock, valued at approximately $293,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CDNS. ORG Partners LLC boosted its holdings in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares during the period. Chilton Capital Management LLC grew its holdings in Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after buying an additional 122 shares in the last quarter. Larson Financial Group LLC increased its position in Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock worth $62,000 after buying an additional 123 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Cadence Design Systems during the second quarter worth $69,000. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Cadence Design Systems in the second quarter valued at about $77,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Needham & Company LLC dropped 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 note on Tuesday, October 29th. Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a report on Tuesday, August 6th. Finally, Oppenheimer assumed coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $323.17.

Cadence Design Systems Stock Up 1.9 %

CDNS stock opened at $296.75 on Thursday. The firm has a 50-day moving average price of $268.72 and a 200-day moving average price of $281.85. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 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. The stock has a market capitalization of $81.39 billion, a P/E ratio of 77.89, a price-to-earnings-growth ratio of 3.45 and a beta of 1.02.

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

Insider Activity at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $26,366,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,347 shares of company stock valued at $7,734,616 in the last 90 days. 0.62% of the stock is owned by corporate insiders.

Cadence Design Systems Company 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.