Geneva Capital Management LLC Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Geneva Capital Management LLC has increased its stake in Cadence Design Systems by 14.1%, now owning 96,277 shares valued at approximately $24.49 million.
• Cadence Design Systems reported $1.65 earnings per share in its latest quarterly results, exceeding estimates of $1.56, with revenue of $1.28 billion.
• Institutional ownership of Cadence Design Systems is high, with 84.85% of the company's stock held by hedge funds and other institutional investors.

Geneva Capital Management LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 14.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 96,277 shares of the software maker's stock after purchasing an additional 11,910 shares during the period. Geneva Capital Management LLC's holdings in Cadence Design Systems were worth $24,486,000 as of its most recent filing with the SEC.

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

Cadence Design Systems Trading Down 1.2%

Shares of Cadence Design Systems stock traded down $4.38 on Tuesday, hitting $360.50. The stock had a trading volume of 1,681,862 shares, compared to its average volume of 1,983,424. The stock has a 50 day moving average of $314.42 and a 200 day moving average of $291.09. The firm has a market capitalization of $98.23 billion, a P/E ratio of 97.43, a PEG ratio of 4.79 and a beta of 0.97. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. Cadence Design Systems's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.28 earnings per share. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms 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 stock a "buy" rating in a report on Tuesday, July 29th. JPMorgan Chase & Co. increased their target price on shares of Cadence Design Systems from $330.00 to $390.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Berenberg Bank set a $400.00 price target on Cadence Design Systems in a research note on Wednesday, July 30th. Stifel Nicolaus raised their price objective on Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Finally, Bank of America increased their target price on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $364.33.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $358.72, for a total value of $358,720.00. Following the transaction, the vice president directly owned 104,499 shares of the company's stock, valued at $37,485,881.28. The trade was a 0.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James D. Plummer sold 868 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the sale, the director directly owned 23,996 shares of the company's stock, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,698 shares of company stock worth $1,485,387 over the last ninety days. Insiders own 0.37% of the company's stock.

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.