Wolff Wiese Magana LLC Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wolff Wiese Magana LLC raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6,740.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 342 shares of the software maker’s stock after acquiring an additional 337 shares during the period. Wolff Wiese Magana LLC’s holdings in Cadence Design Systems were worth $106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of CDNS. Norges Bank purchased a new stake in Cadence Design Systems during the 4th quarter valued at $1,141,059,000. Nordea Investment Management AB raised its holdings in Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares during the period. Wellington Management Group LLP raised its holdings in Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after buying an additional 962,987 shares during the period. Assenagon Asset Management S.A. raised its holdings in Cadence Design Systems by 261.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after buying an additional 448,918 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Cadence Design Systems by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock valued at $6,674,006,000 after buying an additional 384,637 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Up 0.6 %

Shares of CDNS traded up $1.83 during midday trading on Monday, reaching $309.58. 561,288 shares of the stock were exchanged, compared to its average volume of 1,554,434. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $294.50 and its two-hundred day moving average is $293.96. The company has a market capitalization of $84.34 billion, a P/E ratio of 80.14, a PEG ratio of 3.77 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the company earned $1.02 EPS. The business’s revenue was down 1.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $309.09, for a total transaction of $463,635.00. Following the sale, the director now owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the sale, the vice president now owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the sale, the director now directly owns 48,051 shares in the company, valued at approximately $14,852,083.59. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,534 shares of company stock valued at $11,735,433. 0.62% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on CDNS. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Robert W. Baird upped their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Wells Fargo & Company upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, May 17th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $332.78.

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.