Pendal Group Ltd decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 5.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 3,370 shares of the software maker’s stock after selling 204 shares during the period. Pendal Group Ltd’s holdings in Cadence Design Systems were worth $506,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. CVA Family Office LLC lifted its holdings in Cadence Design Systems by 433.3% in the first quarter. CVA Family Office LLC now owns 160 shares of the software maker’s stock valued at $26,000 after buying an additional 130 shares during the period. Riverview Trust Co acquired a new position in shares of Cadence Design Systems during the first quarter valued at about $27,000. San Luis Wealth Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at about $28,000. MV Capital Management Inc. raised its holdings in shares of Cadence Design Systems by 74.1% during the first quarter. MV Capital Management Inc. now owns 188 shares of the software maker’s stock valued at $31,000 after purchasing an additional 80 shares during the period. Finally, Zions Bancorporation N.A. raised its holdings in shares of Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after purchasing an additional 117 shares during the period. Institutional investors and hedge funds own 84.02% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on CDNS. Wolfe Research began coverage on shares of Cadence Design Systems in a report on Tuesday, August 16th. They set an “outperform” rating and a $210.00 price objective on the stock. Bank of America upgraded shares of Cadence Design Systems from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $160.00 to $175.00 in a report on Wednesday, June 29th. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, July 26th. Stifel Nicolaus started coverage on shares of Cadence Design Systems in a report on Wednesday, September 7th. They issued a “hold” rating and a $200.00 target price on the stock. Finally, Needham & Company LLC upped their target price on shares of Cadence Design Systems from $193.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, July 26th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $192.54.
Cadence Design Systems Trading Down 5.6 %
Shares of CDNS stock opened at $158.90 on Friday. Cadence Design Systems, Inc. has a 52-week low of $132.32 and a 52-week high of $194.97. The company has a 50-day simple moving average of $175.12 and a two-hundred day simple moving average of $161.58. The company has a market capitalization of $43.52 billion, a price-to-earnings ratio of 56.95, a PEG ratio of 2.89 and a beta of 1.15. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.49 and a current ratio of 1.59.
Cadence Design Systems (NASDAQ:CDNS – Get Rating) last released its earnings results on Monday, July 25th. The software maker reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.12. Cadence Design Systems had a net margin of 23.61% and a return on equity of 32.06%. The firm had revenue of $858.00 million during the quarter, compared to the consensus estimate of $835.01 million. During the same period in the prior year, the firm earned $0.71 EPS. The company’s revenue was up 17.9% compared to the same quarter last year. Research analysts anticipate that Cadence Design Systems, Inc. will post 3.31 EPS for the current fiscal year.
Insider Activity
In other news, insider Lip Bu Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $192.42, for a total transaction of $9,621,000.00. Following the completion of the transaction, the insider now directly owns 608,023 shares of the company’s stock, valued at approximately $116,995,785.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Lip Bu Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $192.42, for a total transaction of $9,621,000.00. Following the sale, the insider now directly owns 608,023 shares in the company, valued at approximately $116,995,785.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Wall sold 54,943 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $179.88, for a total transaction of $9,883,146.84. Following the sale, the chief financial officer now owns 135,406 shares in the company, valued at $24,356,831.28. The disclosure for this sale can be found here. Insiders sold 379,728 shares of company stock valued at $66,201,836 in the last three months. Company insiders own 1.99% of the company’s stock.
About Cadence Design Systems
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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.
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