Magnolia Capital Advisors LLC Invests $248,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Magnolia Capital Advisors LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 827 shares of the software maker’s stock, valued at approximately $248,000.

Several other hedge funds have also made changes to their positions in CDNS. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems during the third quarter worth approximately $28,000. Versant Capital Management Inc increased its stake in shares of Cadence Design Systems by 164.2% during the fourth 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 period. Prestige Wealth Management Group LLC increased its stake in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the period. Finally, Meeder Asset Management Inc. increased its stake in shares of Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after buying an additional 47 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Finally, Robert W. Baird increased their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $329.50.

Insider Transactions at Cadence Design Systems

In related news, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction dated Wednesday, December 18th. The stock was 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 in the company, valued at approximately $9,038,509.44. This trade represents a 12.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,766 shares of company stock valued at $33,348,867 in the last 90 days. 0.62% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $297.62 on Monday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The business has a fifty day moving average of $305.30 and a two-hundred day moving average of $284.42. The company has a market cap of $81.63 billion, a P/E ratio of 78.12, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03.

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.