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

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

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Family Firm Inc. acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at approximately $201,000. Midwest Professional Planners LTD. raised its position in shares of Cadence Design Systems by 9.1% during the 4th quarter. Midwest Professional Planners LTD. now owns 3,526 shares of the software maker's stock valued at $1,059,000 after acquiring an additional 293 shares in the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $60,000. Aviso Financial Inc. acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $1,769,000. Finally, LBP AM SA raised its position in shares of Cadence Design Systems by 130.3% during the 4th quarter. LBP AM SA now owns 130,841 shares of the software maker's stock valued at $39,312,000 after acquiring an additional 74,035 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company's stock, valued at $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the company's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,245 shares of company stock valued at $32,534,498 over the last 90 days. 0.62% of the stock is currently owned by corporate insiders.

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Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Rosenblatt Securities upped their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Robert W. Baird dropped their price target on 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. Needham & Company LLC reissued a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Loop Capital dropped their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $326.92.

Cadence Design Systems Price Performance

CDNS stock traded up $5.87 during trading hours on Friday, hitting $247.43. 2,271,059 shares of the stock traded hands, compared to its average volume of 1,785,101. The stock has a 50-day simple moving average of $282.52 and a 200 day simple moving average of $284.37. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The company has a market cap of $67.82 billion, a P/E ratio of 64.10, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.