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

Key Points

• Malaga Cove Capital LLC has increased its stake in Cadence Design Systems by 112.0% during the first quarter, now holding a total of 2,184 shares valued at approximately $555,000.
• Cadence Design Systems reported a quarterly revenue of $1.28 billion, exceeding analyst expectations and reflecting a 20.2% year-over-year growth.
• Institutional investors currently own 84.85% of Cadence Design Systems’ stock, indicating strong interest from larger financial entities.

Malaga Cove Capital LLC raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 112.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,184 shares of the software maker's stock after purchasing an additional 1,154 shares during the period. Malaga Cove Capital LLC's holdings in Cadence Design Systems were worth $555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $25,000. Valley National Advisers Inc. grew its position in Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after acquiring an additional 99 shares during the period. Ancora Advisors LLC boosted its position in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares during the period. Meeder Asset Management Inc. boosted its position in shares of Cadence Design Systems by 36.5% in the first quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock worth $44,000 after buying an additional 46 shares during the period. Finally, Bartlett & CO. Wealth Management LLC boosted its holdings in Cadence Design Systems by 147.3% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock valued at $47,000 after purchasing an additional 109 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $1.36 during trading hours on Wednesday, reaching $359.14. 465,569 shares of the company's stock were exchanged, compared to its average volume of 2,082,269. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The company has a market capitalization of $97.86 billion, a P/E ratio of 97.11, a price-to-earnings-growth ratio of 4.79 and a beta of 0.97. The business has a fifty day moving average of $315.17 and a two-hundred day moving average of $291.58. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the firm posted $1.28 earnings per share. Cadence Design Systems's quarterly revenue was up 20.2% on a year-over-year basis. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the transaction, the director owned 8,010 shares of the company's stock, valued at $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $358.72, for a total transaction of $358,720.00. Following the completion of the transaction, the vice president directly owned 104,499 shares in the company, valued at $37,485,881.28. The trade was a 0.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,698 shares of company stock valued at $1,485,387 over the last 90 days. 0.37% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. KeyCorp increased their price objective on Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $340.00 to $380.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $300.00 target price on shares of Cadence Design Systems in a report on Friday, July 25th. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Finally, Bank of America lifted their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average price target of $364.33.

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.