GAMMA Investing LLC Makes New $380,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

GAMMA Investing LLC purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,319 shares of the software maker’s stock, valued at approximately $380,000.

A number of other institutional investors also recently made changes to their positions in CDNS. Nordea Investment Management AB increased its stake in Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the last quarter. Wellington Management Group LLP increased its stake in Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Jennison Associates LLC increased its stake in Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after acquiring an additional 564,085 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after acquiring an additional 448,918 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in Cadence Design Systems by 26,060.9% during the fourth quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock worth $757,430,000 after acquiring an additional 277,027 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday. Stifel Nicolaus boosted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Finally, Wells Fargo & Company lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $316.50.

Cadence Design Systems Stock Down 1.5 %

NASDAQ CDNS opened at $277.66 on Thursday. The firm has a market cap of $75.59 billion, a PE ratio of 72.31, a price-to-earnings-growth ratio of 3.43 and a beta of 1.04. Cadence Design Systems, Inc. has a one year low of $194.01 and a one year high of $327.36. The stock’s 50 day simple moving average is $304.38 and its 200 day simple moving average is $280.97. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the business earned $1.02 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares in the company, valued at approximately $15,924,053.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 173,044 shares of company stock valued at $52,231,207. 1.99% of the stock is currently owned by corporate 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.