Mirabella Financial Services LLP Buys New Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mirabella Financial Services LLP acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,080 shares of the software maker's stock, valued at approximately $1,184,000.

Several other hedge funds have also made changes to their positions in the business. Principal Financial Group Inc. lifted its stake in shares of Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock worth $547,886,000 after acquiring an additional 501,833 shares during the period. M&T Bank Corp lifted its position in Cadence Design Systems by 78.5% in the third quarter. M&T Bank Corp now owns 35,218 shares of the software maker's stock valued at $9,546,000 after purchasing an additional 15,491 shares during the period. Advisory Resource Group boosted its holdings in Cadence Design Systems by 20.9% in the 3rd quarter. Advisory Resource Group now owns 3,721 shares of the software maker's stock valued at $1,009,000 after purchasing an additional 643 shares in the last quarter. World Investment Advisors LLC increased its position in Cadence Design Systems by 656.3% during the 3rd quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker's stock worth $2,021,000 after purchasing an additional 6,471 shares during the period. Finally, Arvest Bank Trust Division purchased a new position in shares of Cadence Design Systems during the 3rd quarter worth approximately $202,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 1,950 shares of company stock valued at $518,499. Insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

CDNS stock traded up $16.36 during trading on Thursday, hitting $281.78. The stock had a trading volume of 2,175,775 shares, compared to its average volume of 1,930,820. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a market cap of $77.30 billion, a price-to-earnings ratio of 73.00, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The company's 50 day moving average price is $255.02 and its two-hundred day moving average price is $281.85. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99.

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

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of recent analyst reports. Bank of America dropped their price objective on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Rosenblatt Securities raised their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Finally, Mizuho decreased their price target on Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $321.00.

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.