Menta Capital LLC Buys Shares of 8,601 Cadence Design Systems Inc (CDNS)

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Menta Capital LLC bought a new stake in Cadence Design Systems Inc (NASDAQ:CDNS) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 8,601 shares of the software maker’s stock, valued at approximately $374,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. M&T Bank Corp lifted its position in Cadence Design Systems by 1.2% during the 4th quarter. M&T Bank Corp now owns 17,805 shares of the software maker’s stock worth $775,000 after acquiring an additional 213 shares during the period. Fort L.P. raised its stake in shares of Cadence Design Systems by 1.7% during the 4th quarter. Fort L.P. now owns 23,768 shares of the software maker’s stock worth $1,033,000 after buying an additional 402 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of Cadence Design Systems by 51.9% during the 4th quarter. Bessemer Group Inc. now owns 1,344 shares of the software maker’s stock worth $59,000 after buying an additional 459 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of Cadence Design Systems by 1.6% during the 4th quarter. CIBC Asset Management Inc now owns 38,324 shares of the software maker’s stock worth $1,666,000 after buying an additional 591 shares in the last quarter. Finally, GAM Holding AG raised its stake in shares of Cadence Design Systems by 4.5% during the 4th quarter. GAM Holding AG now owns 14,995 shares of the software maker’s stock worth $652,000 after buying an additional 652 shares in the last quarter. 86.89% of the stock is owned by hedge funds and other institutional investors.

CDNS stock opened at $60.99 on Monday. Cadence Design Systems Inc has a 52-week low of $35.49 and a 52-week high of $62.17. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.34. The firm has a market cap of $17.15 billion, a PE ratio of 49.59, a price-to-earnings-growth ratio of 3.61 and a beta of 1.10.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 19th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. Cadence Design Systems had a return on equity of 28.36% and a net margin of 16.17%. The business had revenue of $569.90 million for the quarter, compared to analysts’ expectations of $550.22 million. During the same quarter last year, the firm earned $0.39 earnings per share. The business’s revenue was up 13.6% on a year-over-year basis. As a group, equities research analysts predict that Cadence Design Systems Inc will post 1.4 EPS for the current fiscal year.

In other Cadence Design Systems news, insider Chin-Chi Teng sold 5,084 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $57.92, for a total value of $294,465.28. Following the transaction, the insider now directly owns 106,363 shares of the company’s stock, valued at $6,160,544.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction dated Thursday, January 31st. The shares were sold at an average price of $48.05, for a total value of $4,805,000.00. The disclosure for this sale can be found here. Insiders have sold 232,953 shares of company stock worth $11,907,228 in the last 90 days. Insiders own 2.28% of the company’s stock.

A number of equities analysts have recently issued reports on CDNS shares. Needham & Company LLC increased their target price on Cadence Design Systems to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 20th. DA Davidson increased their target price on Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, February 20th. BidaskClub raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, February 5th. Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, November 20th. They set a “hold” rating and a $50.00 target price for the company. Finally, Zacks Investment Research downgraded Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 31st. Three analysts have rated the stock with a hold rating, four have given a buy rating and three have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $54.88.

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Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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