38,500 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Acquired by M & L Capital Management Ltd

M & L Capital Management Ltd bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 38,500 shares of the software maker's stock, valued at approximately $11,568,000. Cadence Design Systems makes up about 2.8% of M & L Capital Management Ltd's investment portfolio, making the stock its 9th biggest position.

A number of other hedge funds also recently modified their holdings of the stock. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems during the third quarter worth $28,000. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter worth $28,000. Versant Capital Management Inc lifted its position in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after buying an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC boosted its stake in Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after buying an additional 60 shares in the last quarter. Finally, OFI Invest Asset Management bought a new position in Cadence Design Systems in the fourth quarter valued at about $46,000. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Trading Up 3.1 %

CDNS traded up $7.68 during midday trading on Monday, hitting $255.11. 2,756,359 shares of the company were exchanged, compared to its average volume of 1,789,041. The firm's 50 day moving average price is $282.52 and its 200-day moving average price is $284.37. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. The firm has a market capitalization of $69.93 billion, a P/E ratio of 66.09, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

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Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on CDNS. Redburn Atlantic began coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 target price for the company. Bank of America lowered their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Robert W. Baird cut their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research report on Thursday, February 20th. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Finally, Loop Capital dropped their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus target price of $326.92.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 4,224 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the sale, the chief financial officer now owns 29,248 shares of the company's stock, valued at $9,038,509.44. This trade represents a 12.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares of the company's stock, valued at $18,080,365.24. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,245 shares of company stock valued at $32,534,498. Corporate insiders own 1.99% 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.