Mmbg Investment Advisors CO. Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mmbg Investment Advisors CO. grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 59.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,965 shares of the software maker's stock after purchasing an additional 1,472 shares during the period. Mmbg Investment Advisors CO.'s holdings in Cadence Design Systems were worth $1,008,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Ancora Advisors LLC increased its holdings in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares in the last quarter. Avalon Trust Co bought a new stake in shares of Cadence Design Systems in the fourth quarter worth $39,000. OFI Invest Asset Management bought a new position in Cadence Design Systems in the fourth quarter valued at about $46,000. Bartlett & CO. Wealth Management LLC boosted its position 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 worth $47,000 after purchasing an additional 109 shares during the last quarter. Finally, Synergy Investment Management LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $50,000. Institutional investors own 84.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CDNS. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. Wells Fargo & Company upped their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Bank of America upped 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 report on Tuesday, April 29th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their price target for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Finally, KeyCorp upped their price target on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

Insider Activity

In related news, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $302.00, for a total value of $302,000.00. Following the completion of the sale, the vice president now directly owns 106,499 shares in the company, valued at $32,162,698. This trade represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James D. Plummer sold 868 shares of the firm's stock in a transaction 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 completion of the sale, the director now owns 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,625 shares of company stock worth $5,972,453. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded up $1.51 during mid-day trading on Friday, reaching $305.20. 2,331,038 shares of the company traded hands, compared to its average volume of 2,023,395. The company's 50 day moving average price is $300.72 and its 200-day moving average price is $286.50. The firm has a market cap of $83.33 billion, a PE ratio of 77.27, a PEG ratio of 4.23 and a beta of 0.98. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $326.19.

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. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The firm's revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.17 EPS. On average, equities analysts expect 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.