GAMMA Investing LLC Buys 1,214,330 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

GAMMA Investing LLC grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 31,049.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,218,241 shares of the software maker's stock after purchasing an additional 1,214,330 shares during the quarter. GAMMA Investing LLC owned approximately 0.44% of Cadence Design Systems worth $309,835,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems during the 4th quarter valued at about $28,000. Ancora Advisors LLC raised its holdings in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after buying an additional 112 shares during the last quarter. Avalon Trust Co purchased a new stake in Cadence Design Systems during the 4th quarter valued at $39,000. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at about $46,000. Finally, Synergy Investment Management LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at about $50,000. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent analyst reports. Rosenblatt Securities raised their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 29th. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. KeyCorp raised their price target on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Mizuho upped their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. One 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. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. The trade was a 0.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James D. Plummer sold 868 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the transaction, the director now owns 23,996 shares in the company, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,795 shares of company stock worth $5,429,853 in the last quarter. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Up 0.1%

Shares of NASDAQ CDNS traded up $0.40 on Wednesday, reaching $293.73. 502,755 shares of the company's stock traded hands, compared to its average volume of 2,012,092. The business's 50 day simple moving average is $284.03 and its two-hundred day simple moving average is $287.47. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The company has a market cap of $80.20 billion, a price-to-earnings ratio of 76.10, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter in the previous year, the business earned $1.17 earnings per share. The firm's quarterly revenue was up 23.1% compared to the same quarter last year. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.